Central banks failed to control inflation and caused a house price boom due to misplaced confidence and political distractions such as climate change, former RBNZ governor Graeme Wheeler says.
in the pandemic, in response to initial advice in 2020 that tens of thousands of people would die, hospitals overflow, vaccines take many years to develop, unemployment hit 10 per cent - 15 per cent and there would be deep economic and social scarring.
by early next year, in response to inflation that is forecast to hit 7 per cent. The bank’s policy-setting board next meets on August 2. “Multiple policy goals such as achieving price stability and maximising employment can come into serious conflict when inflation is higher than desirable and employment is falling or growing only slowly.
“This issue becomes increasingly problematic when an economy experiences stagflation – a situation now facing many countries.”
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