Larry Summers predicts inflation won't decrease until real interest rates are positive
h/t key excerpts here https://conversableeconomist.com/2022/03/29/interview-with-lawrence-summers-inflation-and-the-economy/
So my disagreement with policies that were pursued last year had nothing to do with ends. I completely shared the end. I did not care about inflation for its own sake. But what I did care about was real wage growth over time, average levels of employment and opportunity over time, and a sense of social trust that would permit progressive policies.
Seems like policy makers tend to underestimate how annoying inflation is to many people even if the representative agent is better off