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Recommendations from the review of the Reserve Bank of Australia's approach to stability seem mostly procedural and lack ideas for substantive change.

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Fifty years ago, a war broke out in the Middle East which resulted in a global oil embargo and a dramatic spike in energy prices.

Coming out of COVID, it looked as if central bankers had pulled it off again, with a floor under asset prices and a lid on bond yields. Then inflation started to rise.

<p><span>Policymakers and researchers have begun reassessing certain features of the economy and monetary policy in light of recent experience. After several decades in which supply was highly elastic and inflation was low and relatively stable, a series of supply shocks associated with the pandemic and Russia's war against Ukraine have contributed to high inflation, in combination with a very rapid recovery in demand. The experience with the pandemic and the war highlights the challenges for monetary policy in responding to a protracted series of adverse supply shocks. In addition...