What Scott Sumner thinks about inflation
Monetary economist known for NGDP-level targeting; wrote TheMoneyIllusion.
Scott Sumner did not write this page.
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Only Scott Sumner on inflation. See everyone on inflation
4 dated positions, 2021 to 2026, in their own words. Our reading of what Scott Sumner has said — not written or endorsed by them.
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Our readingUnder a 2% inflation-targeting regime, monetary policy carries no meaningful fiscal implications.
Their wordsBut under a 2% inflation targeting regime, it is not worth thinking about the fiscal implications of monetary policy-it's just not that important.
↗Don't mix fiscal and monetary policyscottsumner.substack.com 1st of 3 in this piece
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Their wordsFirst, the public hates inflation, much more than they hate taxes.
↗Don't mix fiscal and monetary policyscottsumner.substack.com 3rd of 3 in this piece
- 4 years earlier
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Our reading · no longer heldThe 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.
SaidThe Fed refused to adopt average inflation targeting, and it made a serious policy error precisely because it failed to do average inflation targeting.
- 19 months earlier
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Their wordsThe Fed needs PCE inflation to average 1.96% for the remainder of the decade in order to hit their AIT target.