Listening to central bankers, one would think that the recent bout of high inflation was merely an excusable post-pandemic forecasting error made under extreme uncertainty.
But while this narrative now prevails in markets and the financial press, it presumes a level of central bank independence that is simply unrealistic in today’s volatile economic and political environment.
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Project Syndicate
Kenneth Rogoff is a former chief economist of the International Monetary Fund and professor of economics and public policy at Harvard University.
