The US Federal Reserve may hike interest rates in March due in part to high inflation. But where did this inflation come from? Is it transitory, or is it here to stay? Whom does it hurt the most, and what should be done about it? To discuss these questions, Capitalisn’t podcast hosts Luigi Zingales and Bethany McLean speak with Chicago Booth’s Raghuram G. Rajan, who—when he served as governor of the Reserve Bank of India—was charged with fighting inflation himself.

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