Are we in a new financial climate where restrictive monetary policy today would have been deemed normal, maybe bordering on expansionary, fifty years ago? The 1970s are remembered for muscle cars, trouser flare jeans and high inflation. Surprisingly, the average inflation rate of the 70s was around 6.8%, lower than most people thought. So, the high inflation of the 1970s was not that much higher than the core inflation at 6.6% in...
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