Act quick in a crisis, talk simpler all the time, and do not be afraid of faster...
WASHINGTON - Act quick in a crisis, talk simpler all the time, and do not be afraid of faster inflation.
Papers prepared for the Tuesday and Wednesday sessions were released ahead of time, and included a critique of the Fed’s “jargon-laden” public statements, a discussion of regulatory gaps that will make it hard to head off another financial crisis, and a proposal for new labor market measures that may give more insight than the unemployment rate alone.
Notably, they estimated that if the crisis-era Fed had “inherited” an economy with higher inflation and a higher inflation target, say of 3% or 4% versus the 2% currently used, the economy could have effectively reached full employment as early as mid-2014 instead of early 2017. The higher inflation would have meant higher interest rates and more “headroom” for the Fed to cut rates.
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