New research studies 50 years of the dreaded economic phenomenon finding it usually subsides quickly. Read on
In an analytical chapter released on Wednesday from the IMF’s forthcoming World Economic Outlook, the fund said wage and price hike dynamics in 2020 and 2021 were driven by “highly unusual” COVID-19 pandemic shocks, unlike past episodes that reacted to more conventional economic forces.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Past inflationary episodes usually ended as nominal wages gradually caught up with prices over several quarters, avoiding an upward spiral, the IMF said. This generally happened when economic shocks were viewed as temporary, leading wages and prices to stabilize based on normal labour supply dynamics.Article contentBut the chapter noted a few key exceptions, including the U.S.
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