Why policymakers are more likely to risk high inflation during periods of economic uncertainty | Kenneth Rogoff

Listening to central bankers, one would think that the recent bout of high inflation was merely an excusable post-pandemic forecasting error... central-bank independence that is simply unrealistic in today's volatile economic and political environment.

Even if central banks manage to get inflation back down to 2% in the foreseeable future, the likelihood of another inflationary surge within the next five to seven years has significantly increased... central banks are not as independent as many believe.

Read at www.theguardian.com