My Advice to the Fed on “Low Inflation”: Use a Different Index for Crying Out Loud and Tell the BLS to be Less Aggressive with “Hedonic Quality Adjustments”

For the first time in history, the Fed is officially and vocally considering the use of monetary policy to increase inflation, or at least inflation expectations. On Friday, it was the turn of Chicago Fed President Charles Evans to drill this message into the minds of recalcitrant consumers and workers...