BIS的研究总监Carstens最新的报告，全球通胀机制可能正在发生深刻变革，通胀重归央行管理者视野。核心论述是结构性因素导致全球化进程受阻。我同意这个看法，我的看法是，去中国化不等于去全球化，但是，这个过程就会非常颠簸，很多产业链都会受到冲击，从而全球的通胀水平保持一个相对高的水位。

After more than a decade of struggling to bring inflation up to target, central banks now face the opposite problem. Inflation is back. The rise in inflation reflects the rapid and goods-intensive economic recovery from the Covid-19-induced recession – bolstered by highly accommodative fiscal and monetary policy – which supply has been unable to fully meet. We should not expect inflationary pressures to ease soon as many of the forces behind high inflation remain