Speech
Reflections on the Disinflationary Methods of Poincaré and Thatcher
Bullard, James B. (2022-08-02)
St. Louis Fed President Jim Bullard talked about the academic literature related to “credible” versus “incredible” disinflation and how that may apply to current conditions. He spoke before the Money Marketeers of New York University.Current inflation in the U.S. and the euro area (EA) is near 1970s levels, Bullard said. The disinflation under former Fed Chair Paul Volcker was costly, he added, but it was not credible initially—Volcker had to earn credibility.Nobel laureate and economist Thomas Sargent initiated a literature on costless disinflation (“soft landings”) that ...
Speech