> My understanding is that with stagflation the better policy is to accept the inflation.
Accepting sustained inflation is always dangerous; it's exactly what we did in the 1970s. Letting it run up even further now just means a bigger recession later.
What was the extremely harsh correction to the high inflation of the 1970s and 1980s. I don’t recall more than a minor recession in the 1990s. Perhaps you’re from a different reality than me?
