The recent acceleration in inflation experienced by the world could make it harder for central banks to control prices in the future, former Federal Reserve chairperson Ben Bernanke said, suggesting central bankers might be more wary of allowing prices to soar again. He cited research showing that Fed policymakers in the 1970s, when the economy was hit by oil prices, were "generally more hawkish than young people".
Bernanke said in his prepared remarks that the key lesson to be learned from the latest bout of inflation is that central banks' communications should place greater emphasis on the possibility that outcomes could differ significantly from the most likely projections, and that monetary policy would respond appropriately if reality differed from projections.
A better communication strategy might be for the Fed to state that its base forecast envisages temporary inflation.
Former Federal Reserve Chairperson: It will be harder for the central bank to control inflation in the future
2025-03-06 03:42:15
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