Isn't it annoying when the price level and the rate of inflation are confused? Or when bringing down the inflation rate is confused with reducing the price level? See my recent (Feb. 20, 2023) letter in the FT: https://www.ft.com/content/e7fff27b-0c10-47a7-b9a0-d6470b80c68c. (Subscription may be needed.)
Occasional musing on issues relevant to monetary policy and associated topics.
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The FOMC's new policy strategy statement is an improvement, but also a missed opportunity.
On Aug. 22, 2025, the Fed released its new Statement on Longer-Run Goals and Monetary Strategy . The first such statement was issued in 201...
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Mai Hakamada (IMF) and I have a new SUERF Policy Brief on Inflation Shocks and Policy Delay: What are the Consequences of Falling Behind t...
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On Aug. 22, 2025, the Fed released its new Statement on Longer-Run Goals and Monetary Strategy . The first such statement was issued in 201...
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Roberto Billi, Ulf Söderström and I just reviewed the proofs for our forthcoming JMCB paper, "The role of money in monetary policy at ...
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