There appears to be widespread agreement that the current
low inflation environment in advanced economies will persist for the
foreseeable future. Harvard economist Ken Rogoff offers a note of caution:
“… They are wrong to
do so. No matter how much central banks may wish to present the level of
inflation as a mere technocratic decision, it is ultimately a social choice.
And some of the very pressures that helped to contain inflation for the past
two decades have been retreating.”