The Inflation Crisis Is Not Over
Across the developed world, inflation is trending down without significant output losses or mass unemployment. But the world’s major economies are still grappling with enormous inherited imbalances, distorted incentives, and acute moral-hazard risks.
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BUENOS AIRES – After more than a year of aggressive monetary tightening, inflation in the United States and around the world is finally trending down. Cautious celebration is in order: monetary policy can be effective, and central banks, after abandoning the fiction of “transitory” inflation, have retained enough credibility to respond effectively.