The candidate with a plan to cure what ails rich economies."
But then the post turns out to be about monetary policy.
I have a rule that I don't read Yglesias's posts on monetary policy as they cause me to become rude. But he tricked me this time and here is my comment.
Ben Bernanke too has declared a policy of unlimited quantitative easing and increased inflation (new target only 2.5% but that's higher than current inflation). The declaration (which was a surprise) had essentially no effect on prices for medium term treasuries, TIPS or the breakeven.
I was wondering when you would comment, since you have confidently asserted again and again that if only the FOMC did what it just did, expected inflation would jump and then GDP growth would increase.
However, instead of noting the utter total failure of your past predictions (and the perfect confirmation of mine) you just boldly make new predictions.
Face fact, like conventional monetary policy (in the US the Federal Funds rate) forward guidance is pedal to the metal. It's long past time for you to start climbing down.