Consider this month’s tale of two central banks. Each is long-established, with influence that extends well beyond its country’s borders, and both are pressed to make delicate judgment calls aimed at continuing to reduce inflation while avoiding undue damage to growth and jobs.
In the event, they end up taking very different approaches within 24 hours of each other.
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Mohamed A. El-Erian, is president of Queens’ College at the University of Cambridge and a professor at the Wharton School of the University of Pennsylvania
