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We need to talk about inflation

Six lessons from eight centuries of data.

Central bankers told us inflation was transitory but they ignored the tell-tale signs of trouble ahead, forgetting the crucial importance of money and credit. Policymakers are faced with a difficult choice between acting to drive inflation out of the system – a process that leads to recession and unemployment – or living with the disease. We look through eight centuries of data to find six lessons for central banks.

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