korrents

korrents · piece

My 2021 mistake

Scott Sumner · 14 Jan 2023 · econlib.org ↗

1 korrent from this piece · 1 of them a turn

Scott Sumner did not write this page.

Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

  1. Our reading

    The Federal Reserve's average inflation targeting framework is a real commitment to hold inflation near a 2% average across the 2020s, so an overshoot now has to be offset by undershoots later.

    No longer holdsI assumed they intended inflation to average roughly 2% during the 2020s.
    Their words nowThe Fed refused to adopt average inflation targeting, and it made a serious policy error precisely because it failed to do average inflation targeting.
    Interesting