Inflation never soars unless you are expecting a recession

Krugman and Feldstein are both wrong about the monetary base and inflation.
The rate of inflation drops once the monetary machine is contained. Look, this is the YoY deflator. When it jumps up, that means recession, otherwise inflation falls. This has been mostly true ever since Nixon shock.  So I have a hard time understanding the bizarre models, the stick rubbing Hicks thing or the monetary base thing.  The rule is simple, the inflation rate falls. Unless the Fed and G are doing the 40 years helicopter drop, we get less inflation over time.  There is a reason for that, inflation is what the economy tries to eliminate, it is an error.