Milton Friedman must be rolling in his grave at the thought of how his basic monetary policy teachings have fallen out of favor.
- Desmond Lachman
- The National Interest
Federal Reserve Chair Jerome Powell never so much as mentions the money supply in discussing the U.S. economic and inflation outlook.
In pursuing a strictly data-dependent monetary policy, Mr. Powell has forgotten that monetary policy operates with long and variable lags.
Meanwhile, a growing chorus of prominent economists claim that inflation, both on the…