Been thinking some more about the counterfactual expectations, ones that could've dislodged.
A way to gauge them could be to look at past episodes in the US and elsewhere of energy price shocks of similar magnitude and where the expectations DID get dislodged. That may roughly give us a sense of how much the Fed contributed by reining in the expectations to the level we actually observe.
Been thinking some more about the counterfactual expectations, ones that could've dislodged.
A way to gauge them could be to look at past episodes in the US and elsewhere of energy price shocks of similar magnitude and where the expectations DID get dislodged. That may roughly give us a sense of how much the Fed contributed by reining in the expectations to the level we actually observe.
Been thinking some more about the counterfactual expectations, ones that could've dislodged.
A way to gauge them could be to look at past episodes in the US and elsewhere of energy price shocks of similar magnitude and where the expectations DID get dislodged. That may roughly give us a sense of how much the Fed contributed by reining in the expectations to the level we actually observe.