Sunday, March 13, 2022

Greg Mankiw's Blog

Greg Mankiw's Blog

A Great Question

Posted: 12 Mar 2022 09:18 AM PST

 ...from Jon Steinsson:

Imagine going 3 years back in time and asking any Fed official what they would do if CPI inflation was 7.9% (and core CPI inflation 6.4%).

Does "We will raise rates by 25bp" sound plausible?

Could add to the question: And the unemployment rate is 3.8 percent.
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