To be effective, this would need to be coupled with various forms of financial repression, including capital controls and forced holdings of government debt. This is a counsel of despair. An inflation surprise needs to be very large or very sudden to work.
This is why we refer to “underlying inflation”, which estimates and excludes what we judge to be temporary factors, and is driven mainly by the changes in the degree of excess capacity in the economy. In our projection, total inflation, core inflation and underlying inflation all converge on the same level once temporary factors have dissipated.