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monetary policy is more effective in taming inflation after a global supply chain shock than in regular circumstances. …
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In recent years, the concurrent occurrences of the COVID-19 pandemic and the Russian invasion of Ukraine have led to global disruptions in supply chains and a surge in commodity prices. Major advanced economies have experienced an increase in inflation rates and a decline in economic activity....
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monetary policy is more effective in taming inflation after a global supply chain shock than in regular circumstances. …
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