Malpass and Wesbury have been recommending that the Fed raise interest rates to curb inflation expectations.
China has been raising interest rates all year in an effort to curb inflation.
In the short term, measures to tackle the budget deficit and curb inflation are urgent.
If central bankers raise interest rates to curb inflation, they risk driving up the currency further.
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Brazil is trying to curb inflation by raising taxes on dollar inflows and bank lending, for example.
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But Mr King said there was no pressing need to rein in rising growth or curb inflation.
For starters, banks last year benefited from China's efforts to tighten lending to curb inflation and surging property prices.
In the past, a rapid rise in consumer borrowing and spending would cause a central bank to push up interest rates to curb inflation.
Last month, the Reserve Bank of India (RBI) lowered its key interest rate for the second time in three months in a bid to curb inflation.
The width of the band can be exploited, allowing scope for interest rates to be used to curb inflation but not the unlimited scope that central banks have at present.
As a result, dollar inflows have risen 140% this year, at a time when the country is trying to curb inflation and keep the real from getting out of hand.
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In the days when interest rates were set by the Chancellor of the Exchequer and the Bank of England governor, rates tended to rise too little and too late to curb inflation, Mr Bootle says.
As expected, Brazil imposed a 6% financial transactions (IOF) tax on offshore loans as part of a series of planned measure to curb inflation by limiting credit, and keep the local currency in check.
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The European Central Bank has raised interest rates a quarter point to 1.5pc to curb inflation and signalled more to come, despite faltering growth in southern Europe and acute stress in peripheral bond markets.
The central bank has instead tried to curb inflation by allowing the yuan to rise at a faster pace against the dollar by an annual rate of 18% in the first quarter of this year.
Indeed, the central government has urged state banks to cut back on lending in order to curb inflation, which in the year to July reached a three-year high of 6.5%, before dropping to 6.1% in September.
Industrial and Commercial took a hit in the first and second quarter of 2012 as investors feared a hard landing and questioned a number of fiscal and monetary policies designed to curb inflation and ease up on real estate lending.
The path towards that awareness begins, again, with the virtuous circle that America has been enjoying during the past year: the way in which a strong economy has been further stimulated by share-price rises, through both consumption and capital investment, while a strong dollar (partly a result of foreign buying of American equities) has helped to curb inflation.
The process of paring down my spending to the absolute essentials, and realizing how much I spend on nonessentials, really helps me curb lifestyle inflation.
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The math has changed in recent months and years, as government efforts to curb property inflation from the influx of foreign buyers have resulted in new fees and taxes, says Yolande Barnes, head of world research at Savills.
Mr Kingsdale does acknowledge that it is easier to pull off reform in a small and wealthy state like his than it would be at the national level, and accepts that his state has not yet actually passed any legislation that would curb health inflation.
Under the present governor, Duvvuri Subbarao, a softly spoken figure, it has made a tough series of rate rises in the past two years to try to curb a stubborn spell of inflation (a battle that may not be over).
Thus interest rates should be raised to curb excessive credit growth even if inflation remains tame.
AmCham-China members responding to the survey said that despite inflation and efforts to curb growth, they were optimistic across most sectors.
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Even then, allowing inflation to rise in order to curb unemployment may not always be undesirable.
The government has been gunning for inflation all year and measures to curb credit growth, in particular, have been showing an impact on the economy since March.
There are no serious plans to curb government spending the main cause of inflation by, for instance, pulling the Zimbabwean army out of Congo's civil war.
Narrowly-focused central banks allowed severe financial imbalances to arise and failed to act to curb them on the grounds that, well, inflation was low so they were achieving their goals.
The government is using a host of measures to curb credit expansion and ease demand in an effort to keep inflation on target for next year.
To cut inflation, the government has used a number of policy instruments to curb dollar inflows and slow demand.
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