Furthermore, Wilson, the only president with a doctorate, tried to use the newly created Federal Reserve system and an elastic money supply to keep inflation in check, but the U.S. still saw double-digit inflation from 1917 to 1920.

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Productivity increases have been strong in recent years, due in large part to improvements in technology - helping keep inflation in check while the economy expands.

BBC: US productivity grows 5%

Central banks' second function is macroeconomic stabilisation, setting interest rates to keep inflation in check without causing the economy to stop and start.

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In fact, he seems more worried about inflation than the institution whose job it is to keep it in check, the Bank of England.

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It had resisted the calls saying it had to keep inflation in check.

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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.

FORBES: Brazil Companies Overdosing on Dollar Debt; Govt Puts the Breaks On

If all a wealth manager does is keep longevity and inflation risk in check for a client, the manager is covering important bases.

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Uncontrolled borrowing tends to lead to a lot of wasted investment - which increases the prospects of bad debts - as well as the risk of higher inflation, both of which China needs to keep in check.

BBC: China economy: Experts react to growth data

The robust trade data and tame inflation numbers are a positive for the world market place because they suggest China is on the upswing and also will not have to tighten monetary policy to keep inflation in check.

FORBES: A.M. Kitco Metals Roundup: Gold Slightly Down; Little Reaction to China Economic Data

If the central bank revives inflation, it eventually will have to raise interest rates to keep price rises in check.

NPR: Japan Gyrations Underline Economy's Vulnerability

The US gets a cheap and stable source of funding for its trade deficit, allowing the economy to continue to grow as consumers purchase cheap foreign goods - whose low prices keep inflation in check.

BBC: Analysis