Clarida is clueless

But wait there's more: Clarida also says that "a decision to tighten monetary policy based solely on a model without any other evidence of excessive cost-push pressure that puts the price-stability mandate at risk" - such as what happened the last time the Fed tightened "is difficult to justify, given the significant cost to the economy if the model turns out to be wrong and given the ability of monetary policy to respond if the model were eventually to turn out to be right."

There is a model, one which the economy does follow, just not the badly educated Fed.  The policy for currency banking is to make the market for liquidity in a S/L setting with bounded error.  

The only group that does not follow the model are the central bankers.  And that is what is causing economic cycles and inequality.  That is the reason each generation needs to default, the theoretical error needs correcting.  And foul theory is the reason we have Antificants. The foul theory needs to be mostly rooted out of central banking.