Been meaning to write something like this for awhile, but policy relevant macro assumes central bankers have a reasonable idea what they're doing and that they're willing to do those things, perhaps with some slight unemployment or inflation bias depending on who those central bankers are. But what if you're ruled by central bankers only concerned with inflation? That's not supposed to be the case here, though it is to some degree in practice, and it's explicitly the case in the eurozone.
