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英文文献：Do We Really Know that U.S. Monetary Policy was Destabilizing in the 1970s?-我们真的知道美国的货币政策在70年代是不稳定的吗?
英文文献作者：Qazi Haque,Nicolas Groshenny,Mark Weder
英文文献摘要：
In this paper we examine whether or not monetary policy was a source of instability during the Great Inflation. We focus on a number of attributes that we see relevant for any analysis of the 1970s: cost-push or oil price shocks, positive trend inflation as well as real wage rigidity. We turn our artificial sticky-price economy into a Bayesian model and find that the U.S. economy during the 1970s is best characterized by a high degree of real wage rigidity. Oil price shocks thus created a trade-off between inflation and output-gap stabilization. Faced with this dilemma, the Federal Reserve reacted aggressively to inflation but hardly at all to the output gap, thereby inducing stability, i.e. determinacy.
在这篇论文中，我们研究了货币政策是否在大通货膨胀期间是不稳定的来源。我们关注一些与上世纪70年代的分析相关的属性:成本推动或油价冲击、正趋势通胀以及实际工资刚性。我们将人为的粘性价格经济转化为贝叶斯模型，发现1970年代美国经济的最佳特征是高度的实际工资刚性。因此，油价冲击造成了通胀与产出缺口稳定之间的权衡。面对这种困境，美联储积极应对通货膨胀，但几乎没有对产出缺口做出反应，从而导致了稳定性，即确定性。
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