How many jobs need to be sacrificed to tame inflation? The cost is rising

Events have outpaced the best-laid plans of policymakers. The recent turmoil in the financial sector will place constraints on the Federal Reserve’s efforts to restore price stability.

Our research indicates that the Fed, facing persistent inflation, will for now have to accept a de facto inflation target of 3% to avoid the destruction of millions of jobs that would accompany achieving a 2% target. 

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