Thinking – that’s right – about inflation

In The American Prospect‘s Great Inflation Myths series, Josh Bivens writes:

The inflation of 2021-2022 has sparked furious debate over the proper policy response. It also exposed how little innovative thinking has been done on inflation by either macroeconomists or policy analysts since the 1980s price acceleration was ended by the “Volcker shock”—when the Federal Reserve (led by chair Paul Volcker) raised short-term interest rates to 20 percent and threw the economy into its worst recession since the end of World War II.

Check out the series here.