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Like today, policy makers of the 1960s had bigger worries than prices. Then a spike in inflation crushed the economy

Sounding the alarm about inflation is out of vogue. Skeptics point out that high deficit spending, zero interest rates and unprecedented quantitative easing didn’t spur inflation in the decade after the 2008-09 financial crisis. That experience has left a strong impression on makers of monetary and fiscal policy

History is longer than the past 10 years, and its lesson is that the risk of inflation ought not be taken lightly.

Michael D. Bordo and Mickey D. Levy WSJ Feb. 3, 2021


Mr. Bordo is a distinguished professor of economics at Rutgers University and a visiting fellow at Stanford’s Hoover Institution. Mr. Levy is senior economist at Berenberg Capital Markets. Both are members of the Shadow Open Market Committee.

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