There are two competing narratives about economic policy. In one, economists have no clue how to manage advanced economies, or else we wouldn’t have faced the Great Recession, Europe wouldn’t be the basket case it is, the U.S. recovery wouldn’t have taken so long to gain traction, and middle- and low-income households would be sharing in more of the growth. Officials at the Federal Reserve would be able to decide whether inflation is a real threat or a phantom menace.
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