In a speech at the University of Waterloo, deputy governor said a faster global withdrawal of fiscal and monetary stimulus during the recovery from the pandemic would have likely resulted in lower inflation
In a speech at the University of Waterloo Wednesday, Beaudry said a faster global withdrawal of fiscal and monetary stimulus during the recovery from the pandemic would have likely resulted in lower inflation.
This lesson, he said, influenced policy decisions during the pandemic. However, Beaudry noted that the COVID-19 economic crisis was different and public health measures meant supply in many sectors couldn’t keep up as demand began rebounding. “It’s likely a somewhat faster global withdrawal process could have made all countries better off,” he said.
Central banks generally worry when people and businesses expect inflation to remain high because those expectations can feed into even higher prices.
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