Monetary Policy and Inflation in the 70s
评估了Clarida等人关于1970年代美国大通胀源于泰勒原则被违反的论点，通过新凯恩斯模型与不完全信息学习模型的比较，发现不确定性模型优于确定性模型。
An influential paper by Clarida, Galí, and Gertler (2000) has attributed the great inflation of the 1970s to the violation of the Taylor principle in the conduct of U.S. monetary policy (weak, indeterminacy inducing response to expected inflation). We evaluate this thesis in the context of a standard New Keynesian model against a version of the model that incorporates incomplete information learning about the true state of the economy. The likelihood‐based estimation of the model overwhelmingly favors the specification with indeterminacy over the alternatives with determinacy, independent of the presence and size of misperceptions.