Assessing the Performance of the Bernanke Fed
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Michael Woodford: Yes, We Can Summon the Expectations Inflation Imp from the Vasty Deep...

Binyamin Appelbaum:

The most concrete proposal... came from Michael Woodford, an economics professor at Columbia University, who told the conference that the Fed could lift growth now by announcing that it will tolerate higher inflation later, as the economy begins to recover. Professor Woodford sought to rebut two critiques of this idea, by presenting evidence that the Fed has the power to move inflation upward, and that it could do so temporarily without losing the credibility of its long-term commitment to maintain inflation at the 2 percent level it considers most healthy.

 

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