Rising oil prices have created a dilemma for central banks around the world. According to industry analysts with Global Insight Inc., no one wants to repeat the policy mistakes made during the oil sho..
Rising oil prices have created a dilemma for central banks around the world. According to industry analysts with Global Insight Inc., no one wants to repeat the policy mistakes made during the oil shocks of the mid-1970s and early 1980s when high prices triggered sharp rises in inflation.
On the other hand, with core inflation still low in most parts of the world, there is a risk that monetary authorities may overreact by being too focused on the potential (versus the reality) of rising inflation. Central bankers are struggling with the conundrum: which is the bigger threat – stagflation or deflation? Predictably, the response to this question has been different across the world.
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