Painted monetary symbols are seen on a wall in Dublin city centre October 22, 2014.
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REUTERS/Cathal McNaughton

Joseph E. Gagnon (PIIE)

Important differences in inflation across major economies require radically different policy responses. Demand shocks are driving inflation in the US and UK, calling for tighter monetary and fiscal policies. For Japan, where demand and inflation have declined, continued easy monetary and fiscal policies are appropriate.

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REUTERS/Cathal McNaughton

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