In hindsight, Larry Summers' 2022 prediction that "we need five years of unemployment above 5 percent to contain inflation" seems wrong. But why? Tom Sargent argued that inflation and wage growth is determined by the expectations of future inflation. What's the role of monetary and fiscal policy for shaping these expectations? Can we add this period of decreasing inflation as one of Sargent’s Ends of Big Inflations? 
Panelists Include:
Gary H. Stern was president of the Federal Reserve Bank of Minneapolis from March 1985 through August 2009 (the longest-serving president in the bank’s history). Stern joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research, and his prior experience included seven years at the Federal Reserve Bank of New York. Along with Minneapolis Fed Senior Vice President Ron Feldman, Stern co-authored Too Big to Fail: The Hazards of Bank Bailouts, published by The Brookings Institution (2004).
V.V. Chari has been a professor of economics at the University of Minnesota since the fall of 1994. He is currently the Paul W. Frenzel Land Grant Professor of Liberal Arts and is the founding director of the Heller-Hurwicz Economics Institute. He served as an associate editor of the Journal of Financial of Intermediation, and serves on the board of editors of the Journal of Economic Theory, Macrodynamics  and the Review of Economic Dynamics. In 1998, he was elected fellow of the Econometric Society.
Chris Farrell is senior economics contributor at Marketplace, American Public Media's nationally syndicated public radio business and economic programs. He’s also senior economics contributor at Minnesota Public Radio and host of the HHEI Office Hours Podcast.