Lessons from the inflation shock: New Economy Short Cut with Jérôme Creel and Peter Bofinger


3:30 pm (CET)





For a long time, it seemed clear that in the event of inflation, monetary authorities would have to fight it with high interest rates. Governments were not involved. Now a number of governments have responded to the inflation shock of 2022 with price brakes and other interventions – and apparently successfully. Is it time to rewrite the textbooks?


Co-author Jérôme Creel from the Paris-based OFCE discussed the results of a new Forum New Economy Working Paper with Peter Bofinger  in our New Economy Short Cut: “Lessons from the inflation shock: A new paradigm for central banks and governments?” on 26 March 2024.

Jérôme Creel

is the Director of the Research Department at OFCE (Sciences Po) and an associate professor of economics at ESCP Business School. Holding a PhD in economics from University Paris-Dauphine, his recent works have studied European economic reforms and fiscal policies and the impact of ECB policies.

Peter Bofinger

is an economist and Professor of Economics at the University of Würzburg since 1992. From 2004 to 2019, he advised the German government on economic issues as one of five members of the German Council of Economic Experts.