Central banks around the world are circling the wagons in defence of aggressive anti-inflation policies. A rapid return to 2-3 per cent inflation, accompanied by a not-too-bad recession would suit their institutional interests better than a transitory episode of inflation whose end wasn't obviously related to interest rate policy. If inf…
Central banks around the world are circling the wagons in defence of aggressive anti-inflation policies. A rapid return to 2-3 per cent inflation, accompanied by a not-too-bad recession would suit their institutional interests better than a transitory episode of inflation whose end wasn't obviously related to interest rate policy. If inflation can decline while the economy is near full employment, what is the meaning of the NAIRU?
Central banks around the world are circling the wagons in defence of aggressive anti-inflation policies. A rapid return to 2-3 per cent inflation, accompanied by a not-too-bad recession would suit their institutional interests better than a transitory episode of inflation whose end wasn't obviously related to interest rate policy. If inflation can decline while the economy is near full employment, what is the meaning of the NAIRU?