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Where Things Stand Now With Inflation and the Fed
Odd Lots
The Long and Variable Lag Question Is Just Very Hard to Answer
Ilyse Hogue: We hear comments from the Fed a lot now about how monetary policy operates with a lag. I think that, you know, broadly the long and variable lag question is just very hard to answer," she says. "The way the Fed thinks about long and variable lags is you kind of hope to engineer this handoff to pro-cyclical tightening" She adds there's no strong empirical approach to say when we'll start to feel the whole thing.
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