A shift into a 1970s-style era of high and unstable inflation would be a calamity

Policymakers have not confronted anything like this for four decades.

If the planned tightening of monetary policy is likely to generate a recession in the US, what might happen in Europe?

A central point is that these were intellectual mistakes. So, in my view, has been the lack of attention paid to monetary data.

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As inflation rises, the monetarist dog is having its day.

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Martin Wolf FT 30 August 2022

German inflation hits 40-year high of 8.8 per cent

FT 30 August 2022

Englund