Inflation Past, Present and Future: Fiscal Shocks, Fed Response, and Fiscal Limits
Final, Oct 12, 2022. In Michael D. Bordo, John H. Cochrane, and Joyn Taylor, eds, How Monetary Policy Got Behind the Curve—and How To Get Back. Stanford, CA: Hoover Institution Press 2022 p. 63-114.
An essay, underlying my presentation at the Hoover Monetary Policy Conference May 6 20-22. There is a model by which the Fed is not behind the curve. Is it right? Stopping inflation will require coordinated fiscal and monetary policy.