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Political Discussion
Reply to "Jay Powell is a better fed chair than bernanke or yellen. "
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[quote=Anonymous][quote=Anonymous]Powell is doing a fine job, but I think this thread gives him too much credit and the rest of the board too little credit. [b]The Fed under Bernanke and Yellen didn't accommodate as extensively as it has under Powell because there wasn't anything close to a consensus within the profession that such actions could be taken without spurring serious inflation. [/b] The profession has learned from the events of 2008 and the recovery, and now a new consensus has formed that inflation is much less responsive to changes in unemployment than previously thought. The big shifts in Fed policy over the last decade with respect to inflation targeting weren't invented by the chairs, they came out of the academic literature and were adopted by the board once there was a reasonable consensus within the profession.[/quote] This. What Bernanke and Yellen did shifted the Overton window. They couldn't do more because the window was smaller. [/quote]
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