Miran: Interest rate changes will take at least a year to hit the economy

I take very seriously the idea of monetary policy lacks. Very, very seriously. Monetary policy doesn't hit the economy right now.If we changed interest rates today, it wouldn't flow through into the economy until 12 to 18 months from now. Right now, there's some disagreement over exactly how long those lags are, but I think 12 to 18 is is the consensus view. And therefore, for any shock that's hitting the economy today, you can't think about what the effect in the next few months is. You need to think about ...