Valentina Romei

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© Rory Griffiths/FT montage/Getty Images | Christine Lagarde, Jay Powell and Haruhiko Kuroda

InternacionalEconomía

With their bills sharpened and talons on display, the world’s central banks fully adopted the posture of the hawk this week. Backed by sharp rises in interest rates and currency intervention, they have used pointed language to advertise their singular aim of defeating the scourge of inflation.

In one of the most sudden shifts in global economic policymaking in decades, central bankers say they have had enough of rapid price rises and insist they are prepared to act to restore price stability, almost at any cost.

But after a week of dramatic announcements from central banks around the world, at least some economists are beginning to ask — are they going too far, too fast?…  Seguir leyendo »

The global stagflation shock of 2022: How bad could it get?

InternacionalEconomía

Only last year, many economists were expecting 2022 to be a period of strong economic rebound. Businesses would return to full operation post-Covid. Consumers would be free to splash their accumulated savings on all the holidays and activities they had not been able to do during the pandemic. It would be a new “roaring twenties”, some said, in reference to the decade of consumerism that followed the 1918-21 influenza.

Fast forward a few months and the more commonly cited parallel is the 1970s, when the Arab oil embargo helped create a prolonged period of economic hardship. Inflation surged to double-digit rates even as economies around the world stagnated — a painful mix of high prices and low growth known as “stagflation”.…  Seguir leyendo »