average inflation targeting: a semi-Wicksellian effort

On August 27, the FOMC announced a new “Statement on Longer-Run Goals and Monetary Policy Strategy,” in which it replaced its earlier Taylor Rule strategy for controlling inflation with what might be called a "Semi-Wicksell Rule." Fed Chair Jerome Powell elaborated on the statement in a speech…

The boy who cried wolf.

Back in May 2009, Paul Krugman published a column titled "The Big Inflation Scare." In it, he complained about the "inflation fear-mongering" going on at the time. "Suddenly," Krugman wrote, "everyone is talking about inflation. Stern opinion pieces warn that hyperinflation is just around the corner. …But…

monetary policy, federal reserve, plosser, miron, selgin, sumner, john b. taylor

More than two hundred people gathered at the Cato Institute last Thursday for our 33rd Annual Monetary Conference.  Over the course of three addresses and four panel discussions, a distinguished cast of speakers — including St. Louis Fed president James Bullard, Richmond Fed president Jeffrey Lacker, and Stanford…