With the outbreak of Covid-19 the Fed committed two monetary policy mistakes, not just one (inflation).
Nicholas, you are being too strict by calling the pandemic-induced fall in NGDP in early 2020 the "first mistake". I provide an analysis by stage in my recent post. https://marcusnunes.substack.com/p/the-stages-of-the-pandemic-induced?s=w
NGDP and Two Errors by the Federal Reserve
Nicholas, you are being too strict by calling the pandemic-induced fall in NGDP in early 2020 the "first mistake". I provide an analysis by stage in my recent post. https://marcusnunes.substack.com/p/the-stages-of-the-pandemic-induced?s=w