instruments of monetary policy and the timing of changes of selected real macro aggregates and price level (inflation) variables … 1960 the Fed has generally tightened when unemployment peaked and this tightening often occurred after inflation began to … rise. The Fed is often too late to prevent inflation"--National Bureau of Economic Research web site …

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth … seeks to restore low inflation …