Donald L Kohn: Comments on “Understanding the Evolving Inflation Process” by Cecchetti, Hooper, Kasman, Schoenholtz, and Watson Remarks by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal Reserve System, at the U.S. Monetary Policy Forum, Washington, DC, 9 March 2007.
*  *  *  This was an interesting paper with an important objective – to contribute to our understanding of inflation dynamics, with a particular focus on the so-called Great Inflation of the 1970s. 1 The better we understand history, the less likely we are to repeat it, even on a reduced scale.