UCSD Economics Roundtable - What Lessons Should the Federal Reserve Learn from the Inflation Surge?

After decades of low inflation, rapid price increases have again become a primary concern of policy makers. What lessons should the Federal Reserve learn from the inflation surge? Jeffrey Lacker received his Ph.D. in economics from the University of Wisconsin in 1984. He worked in the Research Department of the Federal Reserve Bank of Richmond from 1989 to 2004 and served as the bank's president from 2004 to 2017. As bank president he was a rotating member of the FOMC which sets U.S. monetary policy. He has also taught at Purdue University and Virginia Commonwealth University.