James Bullard, Speech: The Credibility of Government Policies, Conference in Honor of Guillermo Calvo Panel Discussion: Back to 2% Inflation?
Page(s): 24
Video (and transcript) of the panel discussion are not yet available – speech is summarized below.
“The current situation for the U.S. seems to fall more closely under the rubric of a “credible disinflation,” rather than the “incredible disinflation” experienced by Volcker.”
“Since modern central banks have more credibility than their counterparts in the 1970s, it appears that the Fed may be able to disinflate in an orderly manner and achieve a relatively soft landing.”
“The path to the soft landing requires a credible switch of monetary-fiscal policy to the policy regime that existed before the “wartime” pandemic policy regime.”