Average inflation targeting or inflation catchup?

Although dedicated Fed watchers long saw it coming, the big news from Jackson Hole is that the Fed now has a new monetary policy strategy—the crowning achievement of the much-ballyhooed review of its "Strategy, Tools, and Communications" it launched in early 2019. It's called "average inflation targeting,"…

Understanding the NRA

"Without Roosevelt's intervention, the economic recovery that lasted from 1933 to 1937 would have been weaker and shorter—-not unlike our own recovery after the Great Recession." (David Weiman, "Imagining a World without the New Deal," The Washington Post, August 12th, 2011.) *** In the previous installment to…