Which of the following is the essential ingredient of successful disinflation according to Sargent?

Question

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Sargent argues that the essential ingredient of successful disinflation is the credibility of monetary policy. This means that the public must believe that the central bank is committed to reducing inflation over the long term, even if it causes short-term pain. Without this credibility, people may not believe in the central bank's ability to achieve its inflation targets, leading to skepticism and potentially undermining the effectiveness of monetary policy.

Which of the Following Is the Essential Ingredient of Successful