Articles
Immaculate Disinflation
Today I’m going to talk about immaculate disinflation — lower inflation without recession.
November 11, 2026
Jon Hartley and Mickey Levy discuss Mickey’s early career working with Alice Rivlin at the Congressional Budget Office (CBO) and with Arthur Burns at AEI, as well as being part of the Shadow Open Markets Committee from its early days in the 1970s. They also discuss how monetary policy has evolved from monetarism’s influence in the 1970s and 1980s to inflation targeting since the 1990s, the optimal size of the Fed balance sheet, and the recent pandemic-era 2020s inflation.
Recorded on October 14, 2026.
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