[cc101]

I have long doubted that policy has much to do with inflation. Having lived through sever inflation, in my personal experience inflation is all about inflationary expectations. It was all about trying to personally gain advantage by getting ahead of everyone else.

On the other hand I don't know squat about monetary policy, so I'm probably confused.

[thwayunion]

Monetary policy says that the most dangerous thing is when inflation expectations become un-moored, which is deeply and fundamentally psychological. If you've lived through that, you probably have a better understanding of the most dangerous part of inflation than any modern US central banker who doesn't have a similar personal experience.

[cc101]

Thank you