Joseph E Stiglitz, a Nobel laureate in economics and university professor at Columbia University, is a former chief economist of the World Bank, chair of the US President’s Council of Economic Advisers, and co-chair of the High-Level Commission on Carbon Prices. He is a member of the Independent Commission for the Reform of International Corporate Taxation and was lead author of the 1995 IPCC Climate Assessment

Central banks’ unwavering determination to increase interest rates is truly remarkable. In the name of taming inflation, they have deliberately set themselves on a path to cause a recession — or to worsen it if it comes anyway.