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It is time to relearn the painful inflation lessons of the 1970s
是时候重温1970年代痛苦的通胀教训了

Calibrating policy to avoid recession will require as much luck as judgment
调整政策以避免衰退,既需要判断力,也需要运气。

For the past year, politicians and policymakers have watched the rising inflation on both sides of the Atlantic with growing disquiet. Rapidly increasing prices are the unavoidable result of the pandemic, they have said, before adding that at least the situation is nothing like the disastrous inflation of the 1970s.

过去一年,政治家和政策制定者一直在不安地关注着大西洋两岸不断上升的通胀。他们先是说,快速上涨的价格是新冠疫情大流行不可避免的结果,然后有补充道,至少现在的情况与上世纪70年代灾难性的通货膨胀不同。

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