Must-Read: Ummmm… No. The Federal Reserve’s inflation policy has been not an achievement but a mistake. Driving expectations of inflation so low that the economy spends half its time in a liquidity trap—as has been the case so far this millennium—is a substantial policy error, not an achievement. As John Maynard Keynes wrote back in … Continue reading Must-Read: Stephen Cecchetti and Kim Schoenholtz: The Fed’s Price Stability Achievement