4  Erceg and Levin (2003) model the disinflation process of the early 1980s using the assumption that the public learns optimally about inflation. They show that learning and the consequently slow adjustment of inflation expectations help to explain the severe economic contraction of the period.
5  Kohn and Sack (2003) studied the effect of the release of post-meeting FOMC statements on the term structure and found that the release of statements generated a response in short-term interest rates (up to two years' maturity), independent of the effects of any accompanying policy actions.