As the questioning of Federal Reserve chairman Jay Powell showed this week, Republicans are no longer calling for tighter money as they did throughout the Obama years. Maybe they will revert to hard money the next time a Democrat is in the White House. If they are looking for a new way of thinking about monetary policy — one that avoids both the risk of inflation on which they used to dwell and the risk of an overly restrictive policy that has been exercising President Trump — I have some suggestions over at Bloomberg Opinion.

Ramesh Ponnuru is a senior editor for National Review , a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute. @rameshponnuru