AVERAGE INFLATION TARGETING

What is it? Is it coming? And if so, what does it mean?

Tomorrow is the big day. What am I talking about?

Why, virtual Jackson Hole of course!

Ever since August 1982, when Fed Chairman Paul Volcker left a sweltering Washington DC to venture into the Wyoming mountains for a little rest, maybe a few casts of his beloved fly rod, and the opportunity to listen to a hundred economists tell him what he was doing wr…