during the obama years, the fed completely spit on the face of monetary policy - it cut interest rates to 0% (there were negative interest rates at one point) and it printed trillions of dollars. the debunked, completely wrong theory that dumb conservatives won't let go of would argue that inflation should have hit 30% after so much printing, and with access to basically free money. it almost looked like obama was trying to create hyperinflation.

but there was no substantive inflation over this period. in fact, there was some mild deflation.

the theory doesn't need to be tweaked in order to save it. it's not rough around the edges. it's not off by  factor. it can't be fudged with a constant. it's not even close. it's completely, flat out wrong.