Peter Ireland on the Fed’s Pandemic Performance and the Path Forward for Monetary Policy
Macro Musings with David Beckworth
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Is It Hardwire to Think in Levels Versus Growth Rates?
As humans, we have a hard time thinking in levels versus growth rates. We get worked up about inflation being too high or low without looking at the price level. And that's my concern with level target. Our objective isn't to send the economy back into a recession. It's certainly to make sure the price level doesn't rise even farther aboff target.
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