“There is no historical precedents for inflation at the rate we now have to come down to the target the Fed has set of 2% without a recession.”
June 19th, 2022
“There is no historical precedents for inflation at the rate we now have to come down to the target the Fed has set of 2% without a recession.”
March 29th, 2022
For over a year now, Summers has been warning about the economy that we appear to be entering. Listen here to Ezra Klein podcast on New York Times.
I have argued repeatedly that Federal Reserve policy remains dangerously behind the curve in ways that will lead to poor economic performance in the years ahead, and that a rapid change in direction is needed. This view has been challenged from both outside the Fed and within it, including in Fed Chair Jerome H. Powell’s most recent speech. Here, let me respond to the main challenges to my analysis.
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