The pandemic has created this unusual situation and now those huge injections of liquidity, especially in developed countries, most likely play less of a role than the need to rapidly restore demand to pre-pandemic levels. The demand is excessive, the logistics still lag behind — Oleg Vyugin, Chairman of the Supervisory Board, Moscow Exchange PJSC.
The temporary surge in inflation is entirely dependent on inflationary expectations, on how much people trust the monetary regulators. <...> Now, in contrast to the period of stagflation, the monetary authorities precisely understand that they have a mandate to curb inflation, and they have independence. In countries where their independence is maintained, inflationary expectations do not respond to the temporary surge caused by recovery from the crisis. <...> Where the independence of the central bank is threatened, as in Turkey, for example, we see high inflation and high inflationary expectations — Ruben Enikolopov, Rector, New Economic School.
We have good reasons to be cautious of inflation, <...> the unprecedented scale of stimulus that we saw over the past year — Yaroslav Lissovolik, Head, SberCIB Investment Research; Senior Managing Director, Sberbank.
Getting carried away with excessively dovish policies in the face of a supply shock is a very odd thing, fraught with major inflationary consequences — Vladimir Mau, Rector, Russian Presidential Academy of National Economy and Public Administration (RANEPA).