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Is Inflation Alive?

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Add to Bookmarks Mar 4, 2021 Inflation in most rich countries has been low since the 1990s, not least because of central banks’ success in lowering long-term inflation expectations. But today’s policymakers must weigh how far they can go in trying to engineer a post-pandemic recovery without unanchoring these firmly entrenched beliefs. In this Big Picture, UBS Group AG Chairman Axel A. Weber warns that the pandemic – and expansionary fiscal and monetary policies in particular – could trigger higher inflation than many currently expect. But Harvard

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Inflation in most rich countries has been low since the 1990s, not least because of central banks’ success in lowering long-term inflation expectations. But today’s policymakers must weigh how far they can go in trying to engineer a post-pandemic recovery without unanchoring these firmly entrenched beliefs.

In this Big Picture, UBS Group AG Chairman Axel A. Weber warns that the pandemic – and expansionary fiscal and monetary policies in particular – could trigger higher inflation than many currently expect. But Harvard University’s Kenneth Rogoff thinks that markets are probably too concerned about short-term inflation risks for 2021 – and not concerned enough about the longer-term dangers stemming from threats to central-bank independence and globalization.

Rogoff’s Harvard colleague,

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