rba speech, 2006-05-27
But the echoes of the 1970s and 1980s - an intellectually formative period for most of us here - took a long time to fade; just as nominal interest rates took time to recognise rising inflation, they took time to recognise what was clearly, in hindsight, a fundamental regime shift in inflation which occurred in most countries in the mid 1980s.
Sentiment: neutral
Topic: mp_inflation