Long-term inflationary pressure set to rise, research finds

Changed environment makes central banks’ task harder, Kenneth Rogoff and other researchers say

Kenneth Rogoff
Kenneth Rogoff
Richter Frank-Jurgen

Central banks are likely to find it tougher to keep inflation low as structural forces change, new research by Kenneth Rogoff and others finds.

The paper, presented at the Brookings Institution on March 29, weighs into the debate on whether inflation will return to central bank targets in the long term, or will end up persistently overshooting. The forces that held inflation low for much of the 21st century are shifting, and will likely make inflation higher and more variable, it finds.


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