Many of these arguments will apply with greater force in developing economies, where the costs of poor policies have been demonstrated quite clearly. Nonetheless, I think that currency competition has played at least some role in disciplining policy in the United States and other developed countries.
Other explanations for the change in inflation dynamics Of course, monetary policy may not be the whole story, and we need to resist embracing any single explanation too wholeheartedly. There may be other reasons for the changes in inflation dynamics.