The Tightening Noose of Pakistani Monetary Austerity

New post for the Monetary Policy Institute which you can read here. An excerpt:

“The SBP’s failure to check inflation is completely expected, not because they have been behind the curve, as Uzair Younus argues, but instead because interest rates are not the relevant policy tool for managing the present inflationary pressures. The Pakistani debate on inflation is drowning in monetarism and economic orthodoxy, completely divorced from debates elsewhere which are questioning interest rate hikes.”