The 1970s analogy is overused in British economic commentary. But, in some ways, it is starting to make sense.
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For fans of video content.
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There are reasons to think next time might look different.
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The MPC finds itself stuck.
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The Fed's secret radicals strike again.
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Don't bank on them.
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A better macro-mix, a depressing but interesting paper, a podcast and a programming note.
A big - and much better targeted - fiscal package. But where does it leave the Bank? And what happens next year?
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Households have been shielded from much of the Bank's tightening so far. That will soon begin to change.
2022 is going to be a painful year. But learning the wrong lessons would make it even more so.
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The best argument for Bank of England tightening isn't about inflation expectations. It's because everyone else is doing it.
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The outlook is grim. But the Bank is signalling that policy will not be as aggressive as markets expect.
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