Some empirical evidence that monetary policy tightening works through the demand channel
https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/02/does-monetary-policy-tightening-reduce-inflation/
https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/02/does-monetary-policy-tightening-reduce-inflation/
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