The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
It took time but it is finally happening. Recent US economic data releases are inserting more forcefully the notion of “sticky inflation” into economic discussions. This comes after too many people — not just market participants and policymakers, but also a few economists — were inclined to prematurely declare victory in the important battle against the damaging price increases.
The evolving deliberations, however, should go well beyond the immediate dynamics of price formation. They should also extend to structural issues, as tricky as these are.
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