From the Independent Institute, “The Moment Janet Yellen Moved for ‘Greasing the Wheels’ with Inflation”, discussing a 1996 meeting of the Fed: Ms. Yellen proceeds to make the scholarly case for 2 % inflation as the preferred target based on what she describes as a “greasing-the-wheels” argument. Citing an academic paper co-authored by her husband, … Continue reading Judy Shelton on Downward Nominal Wage Rigidity