evidence for harmful effects of inflation on growth, seemingly refuting the many theories purporting the contrary. Have the … costs of inflation been exaggerated in the past? Is inflation in fact essentially harmless? …

After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by … global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise … monetary policy tightening, inflation upside risks are large. How can central banks restore control – and with it their own …