True if the inflation is driven by supply shocks (mid-late 1970s) or savings gluts (today). Not if the inflation is wage-driven, as in the late 1960s and early

True if the inflation is driven by supply shocks (mid-late 1970s) or savings gluts (today). Not if the inflation is wage-driven, as in the late 1960s and early 1970s in the US.