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Goolsbee argues central banks can no longer look through shocks
Original: Austan Goolsbee on why ‘looking through’ shocks no longer works
Austan Goolsbee, president of the Chicago Fed, has argued that the long-standing central bank practice of 'looking through' temporary economic shocks no longer works. Writing for the Official Monetary and Financial Institutions Forum, he suggests that in today's environment of persistent supply disruptions and repeated shocks, policymakers cannot safely dismiss price pressures as transitory, a view feeding into current debate over how central banks should set interest rates.
Why now: Central bank strategy is under scrutiny as policymakers weigh persistent inflation and repeated shocks against interest rate decisions.
Austan GoolsbeeFederal Reserve Bank of ChicagoOMFIF
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