Anton Muscatelli, Principal and Vice-Chancellor, University of Glasgow.
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Central banks are being tested by the recent resurgence in inflation, with the US recently reporting an annual rate of inflation of 6.8%, the highest in nearly 40 years. The question they are all asking is whether this inflation is temporary (“transitory”) or persistent.
If it is only transitory, it would be counterproductive to deal with it aggressively. If central banks tighten monetary policy unnecessarily by sharply
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