Examples of Bad Econometrics to Teach

This chart.  The Euler conditions broke down about midway through 2019 in this chart.

Menzie proved his point about June 2019, then another effect took place, external to his assumptions that Euler conditions were met in late 2018.

Then we have an interpretation problem. The aggregate of 150 million  firms and households will hold the Euler condition longer than will a state of 6.5 million people, with respect to the volatility of other effects..

Your point was made, true, but the chart implied your point continued, it did not.