Dear fellow members of the Bank of Korea, Today marks the 73rd anniversary of the establishment of the Bank of Korea. I wish to express my sincere gratitude to our predecessors. They devoted themselves to the growth of the Bank of Korea and to our economic development.
23 Such conditions – which arguably prevailed in the United States from the 1970s to the mid-1990s – could plausibly arise if the central bank has, in the past, allowed significant and persistent movements in inflation to occur. In this case, the temporary rise in the rate of change of import prices results in a permanent increase in inflation.