What Scott Sumner thinks about inflation
Monetary economist known for NGDP-level targeting; wrote TheMoneyIllusion.
Everything they publish, on ppll ↗
Scott Sumner did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
2 dated positions, 2021 to 2023, in their own words. Our reading of what Scott Sumner has said — not written or endorsed by them.
-
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
-
Their wordsThe Fed needs PCE inflation to average 1.96% for the remainder of the decade in order to hit their AIT target.