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Research says approach ultimately succeeded post-Covid, but hurt central banks’ credibility
Central banks could be hard pressed to repeat their delayed but significant reaction to the 2021–23 inflation surge, new research argues.
In a column on July 28, Kristin Forbes of the Massachusetts Institute of Technology and Jongrim Ha and Ayhan Kose of the World Bank say the “significantly higher” prices seen around the world since 2023 have made it more difficult for central banks to use the same tactics again.
The authors say central banks “may need to rebuild and reinforce credibility”
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