linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due … interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has emerged is … inflation are likely to ensure global stability provided that the coefficient on lagged interest rates is greater than unity …

Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and … soaring food and energy prices, especially since the Russian Federation's invasion of Ukraine. Markets expect inflation to … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the …

linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due … interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has emerged is … inflation are likely to ensure global stability provided that the coefficient on lagged interest rates is greater than unity …

Inflation has started to increase, and the return of inflation comes at a time in which economies begin to recover from … pandemic-induced and lockdown-induced recessions. This raises questions about how much and how long inflation will go up as … well as about whether central banks have to step-up against inflation at the cost of slowing down the economic recovery …

Elevated inflation can threaten the credibility of central banks and increase the risk that inflation expectations do … not remain anchored. Wage-price spirals might develop in such an environment, and high inflation could become entrenched …-varying propagation of inflationary shocks that improves forecasting performance of inflation and wage growth. Central bank credibility is …

than rules that also include current or future inflation …