October 25, 2005
Why Oh Why Can't We Have a Better Press Corps?
For my sins, a correspondent sends me John Tamny, writing in National Review on Ben Bernanke:
John Tamny on the Ben Bernanke and the Federal Reserve on NRO Financial : And to prove that Bernanke's output-gap inflation theories are long-held, as opposed to being one-time slips-of-the-tongue, various speeches and editorials over the years make clear that in his model, neither inflation nor deflation are monetary events.
Let's go to the videotape:
Ben Bernanke: Ultimately, inflation is a monetary phenomenon, as suggested by Milton Friedman's famous dictum.... [T]he expectational Phillips curve is fully consistent with inflation's being determined by monetary forces in the long run. This point, originally made by Friedman himself, has been demonstrated in many textbooks...
Posted by DeLong at October 25, 2005 07:35 PM