That´s the central point: "Furthermore, growth in real output and employment over the past year have been absolutely on fire. This has not been a stagflation economy; it is, rather, one in which policy facilitated an extremely rapid economic recovery, for which we’ve paid an (in my view worth it) price in inflation." As I argue, the inflation being experienced is the (low) price to pay for avoiding a "deadly" depression that would have otherwise occurred if "old school" monetarists had had their way!
That´s the central point: "Furthermore, growth in real output and employment over the past year have been absolutely on fire. This has not been a stagflation economy; it is, rather, one in which policy facilitated an extremely rapid economic recovery, for which we’ve paid an (in my view worth it) price in inflation." As I argue, the inflation being experienced is the (low) price to pay for avoiding a "deadly" depression that would have otherwise occurred if "old school" monetarists had had their way!
https://marcusnunes.substack.com/p/a-21st-century-us-monetary-story