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The above is fantastic for students of Economics. In the 1960's ; the Phillips curve was the go. But we now should focus more on the damage done in the recent past by some Central banks & the expected future damage of their current policy's. There is no way their current interest rate hikes will bring inflation back to 2% to 3%. Therefore in just using interest rates/money supply (quant easing tightening) many will get stagflation. Declines in medium incomes, higher unemployment etc. The Central banks created the mess of minus real interest rates ; & so if they cannot fix their mess; they seriously need early retirement.

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