UPDATE: Scott Sumner makes a prediction of his own:
“Tom, I agree with your interest rate forecast, but not your inflation forecast. Inflation will rise, but not necessarily up to 2%.”
Tom's macro theory: nothing changes. All the efforts of CBs will amount to nothing.
Expression defining Tom's model:
x(for all t s.t.: 2016, Feb 4 < t and t < 2021, Feb 4) = x(t=2016, Feb 4)
H/T Stephen Williamson, Jason Smith
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