FOMC highlights: the dominant religion inside FOMC is still Phillips curve thinking with a few tolerated heretics.pic.twitter.com/7CcCghDFkK
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FOMC highlights: the dominant religion inside FOMC is still Phillips curve thinking with a few tolerated heretics.pic.twitter.com/7CcCghDFkK
FOMC highlights: New talk of an inflation target range and level targeting. Ideas matter folks!pic.twitter.com/Yv6GgNPo8S
FOMC Highlights: Members having a hard time connecting inflation dots over past decade... if only there were some institution that shaped inflation trend over the long run, hmm?pic.twitter.com/CvsxZQCPIT
So it seems @M_C_Klein still has much to do in his epic battle against the Phillips curve. Also, no mention of FTPL so @dandolfa needs to worker harder. Though maybe @ModeledBehavior can take a break cause there was this.pic.twitter.com/BCd4VMwCkm
People should recognize the PC for what it is: a crucifix. If fiscal policy doesn't matter for inflation, then Fed should just peg interest rate to zero and government should finance operations entirely with money as long as inflation remains at or below target.
There is no tooth fairy. No Phillips curve either. Why the FOMC wants to adhere to that religion beats me. I don't understand David's recommendation. Peg R=0 and finance G with central bank liabilities? Why? What will the repo market use for collateral?
I didn't say anything about CB liabilities. I said set R = 0 on USTs. Repo can continue to use USTs, if so desired.
"government should finance operations entirely with money"
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