Mysteries of Monetary Policy (Project-Syndicate)

Since the federal funds rate peaked at 22% in the early 1980s, inflation in the United States has remained low and stable, leading many to believe that the mere threat of renewed interest-rate hikes has kept it in check. But no one really knows why inflation has been subdued for so long.

 https://www.project-syndicate.org/commentary/inflation-monetary-policy-mystery-by-robert-j-barro-2019-07

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