One easy explanation for Fed Chair Yellen’s low inflation 'surprise' is staring her in the face

Beware of "structural" explanations for anything in economics. They’re generally excuses for policy inaction. Take the case of the Federal Reserve, which has signaled an intention to continue raising interest rates despite an inflation rate that has been chronically below its 2% target for severa...

One easy explanation for Fed Chair Yellen’s low inflation 'surprise' is staring her in the face