Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: https://Mises.org/Nashville23
Jonathan Newman joins Bob to discuss the argument being put forth by Alan Blinder, James Galbraith, and other progressive economists, who claim that the Federal Reserve’s rate hikes couldn’t possibly be responsible for the quelling of consumer price inflation.
Jonathan and Bob stress the important role of expectations as a “transmission mechanism” from Fed policy to impacts on prices.
Galbraith’s Article on the Fed’s ‘Soft Landing’: https://Mises.org/HAP409a
The Paper on the Forward Guidance Paradox That Mentions Krugman: https://Mises.org/HAP409b
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Chapters
00:00 Against Our Limitless Regime
01:00 Introduction
01:36 Fed Rake Hikes and Inflation
17:03 Impact of Fed Expectations on the Economy
23:51 How Fast Does Monetary Policy Work
30:54 Is the Fed Announcement Effect Overblown?
36:44 The Forward Guidance Paradox
40:34 Other Theories for the Disinflation
46:40 It’s Starting to Looking Very Similar to 2006