Inflationary Angst
Over the past 20 years, central banks around the world pursued price stability with rather remarkable success. But now, in the wake of the financial crisis, a tide of distrust is sweeping the world – including a new and widespread fear that central banks are incapable of controlling inflation.
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PRINCETON – Can central banks contain inflation? We once thought they could. Over the past 20 years, central banks around the world, including the United States Federal Reserve, pursued price stability with remarkable success. But now, in the wake of the financial crisis, a tide of distrust is sweeping the world – including a new and widespread fear that central banks are incapable of controlling inflation.