In the past few weeks I’ve done a few posts suggesting that monetary policy in the US is too tight.
A few years ago I did many posts suggesting that monetary policy is too tight.
I wouldn’t blame readers for assuming that I’m still making the same argument, but actually my current argument is quite different.
After late 2008, I thought money was too tight in an absolute sense, that is, according to any plausible Fed target. Unemployment was quite high and inflation expectations were very low.