Fed's Kohn on inflation modeling

In the speech 'Inflation modeling: A policymaker's perspective' given on 29 September Donald Kohn of the Federal Reserve said the low level of US inflation may reflect luck and structural economic change, not just good monetary policy.

"Luck as well as structural changes in the economy may have had a lot to do with the current low level and apparent stability of U.S. inflation," Kohn said in the speech to a Fed-hosted conference on inflation dynamics.

"If so, and if our luck turns and we

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