I’m currently sitting in a room full of men in grey suits, talking about monetary and fiscal policy. And I thought I’d take another stab at an issue I’ve raised before: the natural rate hypothesis – the claim that there is a unique rate of unemployment consistent with stable inflation.

Underlying the natural rate hypothesis is “accelerationism”: the idea that low unemployment will lead not just to high inflation, but to accelerating inflation, and conversely that high unemployment will not just reduce inflation but lead to ever-falling inflation.