What I Hope Is the Last Word on Stephen Williamson...

A question from the floor:

Stephen Williamson Makes His Play for the Second Stupidest Man AliveTM Crown: Andy writes:

As I understand Kocherlakota and Williamson, theyre saying that in the long run, fundamentals determine the real return, r (ie monetary neutrality).  The Fed then can choose i or pi and the other is then pegged.  So low interest rates lead to deflation.... I thought the Fisher equation is a (long-run) no-arbitrage condition.  In that sense, theres no reason to...