Yet some of the whiff of inflation has dispersed on account of a collapse in commodity prices leaving the path clear for steadymonetarypolicy for as far as the eye can see.
The next Fed Chairman would do well to heed the memo's advice of "conducting monetarypolicy in a steady manner" with the principal goal of price stability.
They explain that monetarypolicy has actually been far too tight in the last four years, and they make the case for shifting monetarypolicy to focus on achieving a steady growth in nominal (that is, non-inflation-adjusted) incomes.