Monetary WMD - the fed fights with phantoms

David Glasner despairs at the sentiments expressed by Jeffrey Lacker

it is just astonishing that, at a time when inflation is at its lowest rate in a half century, Lacker could offer as an implied rationale for his opposition to using monetary policy to reduce unemployment: “monetary policy will have difficulty making meaningful inroads into the job problem without increasing inflation,” as if any policy option that would increase inflation above its current historically low rate is not even worthy of consideration.

(Lacker is President of the Federal Reserve Bank of Richmond).