{"id":17551,"date":"2025-07-29T14:46:21","date_gmt":"2025-07-29T11:46:21","guid":{"rendered":"https:\/\/www.poleconomix.gr\/portal\/?p=17551"},"modified":"2025-07-29T14:46:21","modified_gmt":"2025-07-29T11:46:21","slug":"the-post-pandemic-disinflation-low-sacrifice-high-prices","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/the-post-pandemic-disinflation-low-sacrifice-high-prices\/","title":{"rendered":"The post-pandemic disinflation: Low sacrifice, high prices"},"content":{"rendered":"\n<p><a href=\"https:\/\/cepr.org\/about\/people\/kristin-forbes\">Kristin Forbes<\/a>,\u00a0<a href=\"https:\/\/cepr.org\/about\/people\/jongrim-ha\">Jongrim Ha<\/a>, \u00a0<a href=\"https:\/\/cepr.org\/about\/people\/m-ayhan-kose\">M. Ayhan Kose<\/a><\/p>\n\n\n\n<p>By some criteria, the post-pandemic disinflation was a triumph for central banks in advanced economies: inflation fell sharply from 40-year highs while unemployment rates remained low, the combination of which generated historically low sacrifice ratios (output losses per inflation reduction). These standard metrics for success, however, ignore adjustments in the price level, which rose by more after the pandemic than over the past four decades. This column discusses lessons learned from the \u2018start late and then sprint\u2019 strategy for tightening monetary policy during this period, highlighting why the price level should receive more weight when central banks evaluate strategies for responding to inflation shocks \u2013 such as new tariffs \u2013 in the future.<\/p>\n\n\n\n<p>\u03a0\u03b7\u03b3\u03ae: Voxeu<\/p>\n\n\n\n<p><a href=\"https:\/\/cepr.org\/voxeu\/columns\/post-pandemic-disinflation-low-sacrifice-high-prices\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kristin Forbes,\u00a0Jongrim Ha, \u00a0M. Ayhan Kose By some criteria, the post-pandemic disinflation was a triumph for central banks in advanced economies: inflation fell sharply from 40-year highs while unemployment rates remained low, the combination of which generated historically low sacrifice ratios (output losses per inflation reduction). These standard metrics for success, however, ignore adjustments in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,39,4],"tags":[],"class_list":["post-17551","post","type-post","status-publish","format-standard","hentry","category-18","category-39","category-proposals"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/17551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=17551"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/17551\/revisions"}],"predecessor-version":[{"id":17552,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/17551\/revisions\/17552"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=17551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=17551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=17551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}