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Transitory never meant mon pol had to be on hold, for a simple reason: when the shocks happened, the stance of policy was calibrated for pi < pi* and u>u*. So policy had to be recalibrated for pi=/> pi* and u<u*. If with that u=u* and pi converging down to pi*, it was transitory https://t.co/ncadnVxpEi
I found @ojblanchard1 and Bernanke’s piece persuasive. To @ChrisGiles_ and @R2Rsquared : Can a shock realistically be non-transitory if there is no excess demand? Maybe a question of wording, but I think not. https://t.co/j5fYyUkAZb
She hasn't changed her view. Still believes it was transitory. By now, with global inflation coming down w/o labor sacrifice, we all know this. She just regrets using that word bc "I think transitory means a few weeks or months to most people. And it's lasted longer than that" https://t.co/W8r48evmnl
Janet Yellen expressed regret for using the term 'transitory' to describe inflation in 2021, stating that it has lasted longer than expected. Despite this, she maintains her belief that inflation was transitory. Various experts and officials have weighed in on the implications of the term 'transitory' in relation to inflation and monetary policy.