In most cases in the last six decades, advanced economies’ central banks failed to tame inflation, researchers with the Federal Reserve Board find.

The paper by Francois de Soyres and Zina Saijid looks at data from 13 advanced economies between 1960 and 2019. Most of the cases that were successful, they find, were associated with a recession.

“However, soft landings, in which inflation is contained without inducing a recession, are not unprecedented,” they say. Firmer economic growth, a smaller