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Is a ‘Soft Landing’ Plausible at This Point?

Fed Governor Christopher Waller believes the central bank can control inflation without inflicting a “painful” spike in unemployment. Others say his analysis “contains misleading conclusions, errors, and factual mistakes.”

By Craig Torres | August 02, 2022 at 01:27 PM
Photo: Christopher Waller, U.S. Federal Reserve Board Governor Christopher Waller, governor of the U.S. Federal Reserve, speaks during the Center for Financial Stability Event in New York, U.S., on Friday, Nov. 19, 2021.

Economists Olivier Blanchard and Lawrence Summers said a paper by Federal Reserve Governor Christopher Waller that found a soft landing is a plausible outcome for the labor market “contains misleading conclusions, errors, and factual mistakes.”

The paper by Waller and his Fed research colleague Andrew Figura, released July 29, criticized the approach of research earlier in the month by Summers, Blanchard, and Alex Domash that argued the central bank would be unlikely to achieve its goal without inflicting a “painful” spike in unemployment.

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