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The art and science of patience: relative prices and inflation

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The past three years have witnessed unprecedented changes in relative prices and marked increases in inflation in most countries, triggered first by the Covid-19 pandemic and its aftermath and then by the war in Ukraine. The latest Geneva Report on the World Economy examines the dynamics of sectoral inflation adjustment in response to different types of shocks in the euro area and the US. The findings advocate for patience in the monetary policy response to the recent episode, especially in the euro given the weakness in activity and the less supportive fiscal stance.

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