BRIEFLY NOTED: For 2022-01-14 Fr: Hexapodia XXXIII: Inflation! Noah Smith put it this way: "Team Transitory has lost, and the Team Transitory members have all shifted over to Team The-Fed-Has-Got-This—which is probably the right view to have of the situation.” I would prefer to say: “We need inflation right now—because our inflation target was too low and was undershot, inflation is what we must have to make Say’s Law true in practice and get us to full employment, and necessary also to grease the great sectoral rebalancing towards goods-produciton now underway. Keeping that inflation transitory is the job of the Federal Reserve—and right now there is every reason to be confident that the Fed has got this.” We probably should have gotten a third who disagrees more with us on for this topic to make it more interesting. But that would probably have made it less informative:
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BRIEFLY NOTED: For 2022-01-14 Fr
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BRIEFLY NOTED: For 2022-01-14 Fr: Hexapodia XXXIII: Inflation! Noah Smith put it this way: "Team Transitory has lost, and the Team Transitory members have all shifted over to Team The-Fed-Has-Got-This—which is probably the right view to have of the situation.” I would prefer to say: “We need inflation right now—because our inflation target was too low and was undershot, inflation is what we must have to make Say’s Law true in practice and get us to full employment, and necessary also to grease the great sectoral rebalancing towards goods-produciton now underway. Keeping that inflation transitory is the job of the Federal Reserve—and right now there is every reason to be confident that the Fed has got this.” We probably should have gotten a third who disagrees more with us on for this topic to make it more interesting. But that would probably have made it less informative: