Recent deadly earthquakes in southern Turkey – which have also devastated northwest Syria – have put President Recep Tayyip Erdoğan and his Justice and Development Party (AKP) under intensifying pressure. With some 46,000 people killed, and the fallout continuing to grow, we asked PS commentators whether the tragedy will lead to a significant political shakeup after 20 years of AKP rule.
MIL-OSI USA: Brainard, What Can We Learn from the Pandemic and the War about Supply Shocks, Inflation, and Monetary Policy? foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
<p><span>Policymakers and researchers have begun reassessing certain features of the economy and monetary policy in light of recent experience. After several decades in which supply was highly elastic and inflation was low and relatively stable, a series of supply shocks associated with the pandemic and Russia s war against Ukraine have contributed to high inflation, in combination with a very rapid recovery in demand. The experience with the pandemic and the war highlights the challenges for monetary policy in responding to a protracted series of adverse supply shocks. In addition, to the extent that the lower elasticity of supply we have seen recently could become more common due to challenges such as demographics, deglobalization, and climate change, it could herald a shift to an environment characterized by more volatile inflation compared with the preceding few decades.</span></p>