It didn’t become loose enough to generate meaningful inflation, right? And I thought Sumner & Eliezer’s views were that monetary policy needed to be loose enough to generate inflation in order to do much good for the economy.
That’s what I had in mind by not “all that loose”; I could swap in alternate phrasing if that content seems accurate.
Yes, monetary policy didn’t become loose enough to create meaningful inflation. That doesn’t by itself imply that monetary policy didn’t become loose, because the theory of inflation here (monetarism) could be wrong. Nonetheless, I think your summary is only slightly misleading.
You could swap in an alternative phrasing that clarifies that I merely demonstrated that the rate of inflation was low, and then the summary would seem adequate to me.
It didn’t become loose enough to generate meaningful inflation, right? And I thought Sumner & Eliezer’s views were that monetary policy needed to be loose enough to generate inflation in order to do much good for the economy.
That’s what I had in mind by not “all that loose”; I could swap in alternate phrasing if that content seems accurate.
Yes, monetary policy didn’t become loose enough to create meaningful inflation. That doesn’t by itself imply that monetary policy didn’t become loose, because the theory of inflation here (monetarism) could be wrong. Nonetheless, I think your summary is only slightly misleading.
You could swap in an alternative phrasing that clarifies that I merely demonstrated that the rate of inflation was low, and then the summary would seem adequate to me.