Relearning Inflationinflation Control in the Post-CovidCovid Era

Willem Buiter

A chapter in Fault Lines After COVID-19, 2023, pp 201-216 from Springer

Abstract: Abstract Advanced economy central banks face four daunting challenges. First, relearning how to control inflation when some of the main drivers of inflation are unlike anything experienced since the oil price shocks of the 1970s. Second, how to discharge their much-enhanced financial stability roles as lender of last resort and market maker of last resort domestically and, for the Fed and the ECB, internationally. Third, how to create and operate a central bank digital currency and how to address the financial stability challenges created by the fintech and crypto revolutions. Fourth, how to avoid fiscal dominance or fiscal capture and reconcile central bank operational independence in the pursuit of price stability with the central bank’s inescapable role as a fiscal and financial agent of the state. This paper addresses the first and the fourth of these issues.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-26482-5_12

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DOI: 10.1007/978-3-031-26482-5_12

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