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Det hender, noen ganger, at to ortogonale artikler kommer inn i RSS leseren, nesten rett etter hverandre, og du kan ikke unnlate å legge merke til kontrasten. La meg forklare. Først denne:
Bruce Bartlett: Can the Fed Stimulate Growth or Only Inflation? – NYTimes.com
In an editorial on Feb. 29, 2008, The Journal said it was certain that higher inflation was on the way, calling it the “Bernanke reinflation.” An editorial on June 9, 2008, warned that easy money and Keynesian stimulus “is taking us down the road to stagflation.” On Feb. 6, 2009, the Journal editorial writer George Melloan said the inevitable result of economic stimulus would be inflation. On June 10, 2009, the economist Arthur Laffer wrote on the Journal editorial page that the increase in the Fed’s monetary base was “a surefire recipe for inflation and higher interest rates.”
Echoing the party line, Representative Paul Ryan of Wisconsin, in a New York Times op-ed article on Feb. 14, 2009, said it was a virtual certainty that 1970s-style stagflation was coming back. In The New York Times on May 4, 2009, the conservative economist Allan Meltzer wrote that enormous budget deficits, rapid growth in the money supply and a sustained currency devaluation were “harbingers of inflation.”
More than two years later, none of those predictions has come to pass. According to the Federal Reserve Bank of Cleveland, inflationary expectations have been falling for years and continue to fall. Indeed, recent reports from Reuters and CNNMoney found that deflation – falling prices – is a growing problem.
Fed’s Plosser: Wrong to Allow Inflation to Rise to Cut Unemployment – Real Time Economics – WSJ
A key Federal Reserve official struck back Tuesday against other central bankers willing to tolerate a higher inflation rate as the result of policies that would bring down the unemployment rate, and said improved economic prospects argue against further stimulus.
Federal Reserve Bank of Philadelphia President Charles Plosser argued strongly that any move to allow inflation to accelerate, regardless of the motivation, is wrong-headed and could result in a repeat of the 1970s stagflation era of high unemployment and high prices. As he has in the past, the voting member of the interest rate-setting Federal Open Market Committee used remarks given in Philadelphia to argue that the central bank should concentrate on making monetary policy with price stability alone in mind, given that is the economic variable the Fed has the most power to control.