Can The Fed Tame Inflation Or Is It Different This Time?

A widely discussed criticism of the Federal Reserve is that the central bank was asleep at the switch last year, when it waited too long to begin tightening monetary policy to nip emerging inflation in the bud. The critique implies that adopting a more hawkish policy earlier would have spared the US from the high inflation that now stalks the economy. But a review of other central banks that followed that script suggests otherwise.

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