Inflation battles often last more than five years, IMF paper says

Disinflations usually do not need prolonged falls in output, employment or wages


Returning inflation to target is a long-term project that requires consistently tight monetary policy, warn researchers from the International Monetary Fund.

“Today’s economies may be in for a long inflation-fighting period,” write the authors, Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski and Wei Zhao.

Their paper looks at more than 100 inflation shocks since the 1970s from 56 nations. 

“Large commodities-related, terms-of-trade and supply-side shocks” from the 1970s are

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