tag:blogger.com,1999:blog-5713178645208582139.post7039199640277886708..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: Make-Up Policy: Where Art Thou?David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5713178645208582139.post-71057278454145037222020-07-13T11:14:00.362-05:002020-07-13T11:14:00.362-05:00If you're still fearing 1970's inflation, ...If you're still fearing 1970's inflation, you've not been paying attention. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-80355941435041407732020-07-08T10:16:51.415-05:002020-07-08T10:16:51.415-05:00Excellent blogging. I would listen to a podcast fe...Excellent blogging. I would listen to a podcast featuring Stanley Fisher and Scott Sumner.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-34391929796419629862020-07-07T15:05:59.973-05:002020-07-07T15:05:59.973-05:00We are right to fear inflation. The 1970s was a co...We are right to fear inflation. The 1970s was a colossal disaster and economists still can't even agree on what exactly went wrong. The PCE price index is up 3.3% annualized since 1970...we still have not made good on our 2% inflation mandate. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-58098691694722738312020-07-07T14:20:14.122-05:002020-07-07T14:20:14.122-05:00Recall in the early days of the Powell Fed the con...Recall in the early days of the Powell Fed the consideration of "symmetric inflation targeting"? They had every chance and plenty of evidence ex-ante to take a much slower pace to tighten financial conditions than they did. I believe it is generational. The economists who have a strong recollection of the 70s and were educated by those who rate Friedman so highly, fear inflation it Casual Businessmanhttps://www.blogger.com/profile/04835152960154041417noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-32499638789923471962020-07-07T09:40:56.158-05:002020-07-07T09:40:56.158-05:00To focus so intently on the labor market misses th...To focus so intently on the labor market misses the point. We've established a clear trend where to achieve a modest improvement in the labor market we must pursue policies which create a surge in wealth inequality. And yes, people notice this and care.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-56186561947060732192020-07-06T18:19:46.582-05:002020-07-06T18:19:46.582-05:00That doesn't sound right. Make-up policy would...That doesn't sound right. Make-up policy would have avoided the tightening of monetary policy 2015-2019 and pulled even more into the labor market. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-10935600567216876772020-07-06T18:09:25.874-05:002020-07-06T18:09:25.874-05:00"Make up policy" would push inequality t..."Make up policy" would push inequality to such extreme levels that the resulting political volatility would threaten the proper functioning of our society. Economics cannot be isolated from politics.Anonymousnoreply@blogger.com