One thing I don’t understand about Larry Summers’ argument: how can five-year forward-looking inflation expectations of 3.5% compared to a 2.0% target (his numbers) in 2022 demand the same harsh medicine as 10-11% expected inflation in January 1980 (looking at FRED data)? It seems like one of these things is not like the other, or at least not as bad as the other.
Always nice to get a plug! ;-)
Hmm, I notice that Larry Summers talked about everything but wealth redistribution: aka taxation.
One thing I don’t understand about Larry Summers’ argument: how can five-year forward-looking inflation expectations of 3.5% compared to a 2.0% target (his numbers) in 2022 demand the same harsh medicine as 10-11% expected inflation in January 1980 (looking at FRED data)? It seems like one of these things is not like the other, or at least not as bad as the other.
but not about your book. Just its thesis.
Larry Summers appears to be underinformed