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Laurence Mailaender's avatar

If inflation is caused by the Fed, how do you explain it being a world-wide phenomenon? Imagine OPEC restricts the supply of oil for political reasons, as in the 70s. This supply shock raises input costs of many goods. How is the Fed needed? Your approach simply assumes a (Fed caused) solution and I don’t see how the data is consistent with it….

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Spencer's avatar

American Yale Professor Irving Fisher figured it out long ago. The math is science. The lags are constants.

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