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More recently, the debate on inflation has pitted #TeamTransitory and its detractors in a mud-slinging and, often emotionally charged, spat.
It is unreasonable to term all versions of the world in which inflation is not making a new high on a monthly basis as transitory.
The question we need to ask is whether there are conditions under which policy tightening - both fiscal and monetary - to rein in demand are optimal or desirable, in an economic sense, even if it means, presumably, unemployment going up.