Can the Fed keep raising interest rates without causing a recession?

Can the Federal Reserve keep raising interest rates and defeat the nation's worst bout of inflation in 40 years without causing a recession?

Not according to a new research paper that concludes that such an "immaculate disinflation" has never happened before. The paper was produced by a group of leading economists, and three Fed officials addressed its conclusions in their own remarks Friday at a conference on monetary policy in New York.

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