© notice, is given to the source. Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation

for sharing the series of monetary policy surprises. We thank Jean Boivin for sharing his code. We thank Viacheslav Sheremirov for excellent research assistance. All errors are ours. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications