3 economists look at central banks' ...

… fight with inflation.

https://www.project-syndicate.org/bigpicture/are-major-centr…
Are Major Central Banks Doing Enough to Fight Inflation?

Here is James K. Galbraith’s main point. Two others are at the link.
Can high interest rates squelch price increases driven by oil prices, supply-chain disruptions, war, and a big boost to the Pentagon budget? Be serious. The only way is through wage cuts driven by mass unemployment, alongside a flood of cheap foreign goods. Then-Fed Chair Paul Volcker engineered both in the early 1980s. The first would be hard to repeat, because there aren’t that many high-wage manufacturing jobs left. The second also is unlikely; there aren’t that many low-cost sweatshops out there anymore.

Hippolyte Fofack’s and Brigette Granville’s views are at the link too.

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