https://www.nobelprize.org/prizes/economic-sciences/2019/sum...
I mean, the macro men are still out there, their predictions are still always wrong, and they still refuse to admit it. But at least we're starting to not listen to them.
Even in the 1980s the Fed under Paul Volcker tried to reign in inflation too quickly, causing a recession.
It's a fudge to try and explain why monetary policy works instantly rather than in eighteen months to two years time. However the evidence of the failure to raise inflation to 2% demonstrates that it is wrong in practice. Unsurprisingly the real world can't see the future perfectly.
Which is why you need advanced automatic stabiliser systems that actually work on the real world, not just the imagination.