The Importance of Monetary Policy

Aaron Carroll: I have no problem with the pause. Because monetary policy works to curb inflation far better on demand shocks than supply shocks. And if you believe, as I prior to SVB, that supply shocks were more at the root cause of inflation than demand, then the impact of rising rates is less influential on... So I'm trying to be intellectually consistent and I know I'm with my priors from March 1,. But this was fantastic. We're gonna have to call it quits because I know you're incredibly busy and you've spent well over an hour with us. See you next week.