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Speech
Reflections on the Disinflationary Methods of Poincaré and Thatcher
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
Credible and Incredible Disinflations
St. Louis Fed President Jim Bullard talked about “credible” versus “incredible” disinflations during a panel discussion at “The Credibility of Government Policies: Conference in Honor of Guillermo Calvo” at Columbia University.He posed the question of whether the Fed will be able to return inflation to 2% relatively easily and quickly or whether a substantial recession will occur, as was the case under former Fed Chair Paul Volcker. Bullard noted that the Volcker disinflation was costly but “incredible”—initially, few believed that the Fed was serious about reducing ...
Speech
Bullard Discusses Recent Policy Rate Increase, Outlook for U.S. Economy in Fireside Chat
St. Louis Fed President Jim Bullard shared his thoughts on the Federal Open Market Committee’s latest policy rate increase and the possibility of a soft landing for the U.S. economy. He spoke during a fireside chat with Minneapolis Fed President Neel Kashkari at an event hosted by the Economic Club of Minnesota.On May 3, the FOMC raised the target range for the federal funds rate by 25 basis points, to 5%-5.25%. Bullard said he thought the move “was a good next step for the committee.” He noted that the FOMC has done a lot in the past year or so. “But we have a lot of inflation in the ...