Although Argentina benefited somewhat from the pandemic-driven shift in global demand toward physical goods, its recovery has hardly been strong enough to offset other deficiencies. With inflation high and the real interest rate on its debt exceeding its trend real GDP growth, the country is still heading for a cliff.
reject the claim that the country's fiscal deficits and sovereign-debt position have become more sustainable.
With the rate of price increases in the United States and the eurozone currently at multi-decade highs, many argue that central bankers have been asleep at the switch. But is rapid monetary-policy tightening necessarily the most appropriate response to the current inflationary surge, and how can economists better anticipate the next one?