Olivier Blanchard
Senior fellow at the Peterson Institute for International Economics and former chief economist of the IMF. He is one of the world's leading macroeconomists.
February 12, 2026·10 min read
The Return of Inflation
After decades of low inflation, the global economy experienced a sharp surge in prices in 2021-2023. The inflation was driven by a combination of supply chain disruptions, energy price shocks, and fiscal stimulus. Central banks responded with the fastest interest rate increases in decades. The episode has prompted a fundamental rethinking of monetary policy.
TOPICS
inflationmonetary policyFederal Reserveeconomicsmacroeconomics
