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Foreign-exchange controls risk triggering inflation by giving Russia's central bank a free hand to print more rubles.
The slack state of the labour market should give the Federal Reserve more leeway to reduce interest rates without triggering inflation.
In 1994, Mr. O'Neill joined with four other industrial chief executives to meet with White House officials and argue that the economy could be allowed to grow at a faster pace through lower interest rates without triggering inflation.
It seems entirely plausible that a combination of globalisation, weaker trade unions and a deep recession mean that economies can operate at much lower levels of unemployment without triggering inflation.
Critics say the fault lies with his Zanu-PF government, which gave land to loot-minded cronies and under-capitalised black peasants, frightened away investors and then printed money to cover budget deficits - triggering inflation which some say is close to 2,000%, more than double the official rate.
Venezuelans saw this as triggering inflation.
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Argument #3: Inflation is rising and, given Ukraine's history of high inflation, any monetary stimulus can trigger inflation scares.
But declining joblessness has not triggered inflation, which was only 1.2% in 1999.
But it would also trigger inflation, as prices of imports shot up.
Gold prices hovered near a seven-week high as the surge in oil prices triggered inflation fears.
His government's disastrous currency revaluation in November, meant to curb free markets, triggered inflation and deepened food shortages.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com