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Fed can't fix fiscal-driven inflation, Jackson Hole paper says
By Matthew Boesler
Saturday, August 27, 2022
The Federal Reserve won't be able to curb inflationary pressures because they are rooted in expansionary fiscal policy, according to a paper presented today at the central bank's annual Jackson Hole conference.
"That approximately half of the recent increase in inflation has fiscal roots poses some specific challenges for policy makers today.
"Not only fiscal inflation tends to be highly persistent but it also requires a different policy response," wrote the paper's authors, Francesco Bianchi of Johns Hopkins University and Leonardo Melosi of the Chicago Fed. ...
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