One of the biggest mysteries currently facing central banks around the world is why inflation has failed to pick up more forcefully after years of extraordinary monetary stimulus.[1] This is one of the most fiercely debated topics in macroeconomics, with few definitive answers. Many explanations have been put forward, including discussions on the appropriate measure of economic slack, the role of inflation expectations and the effects of globalisation and digitalisation.[2] One aspect that has received much less attention in the public discussion, however, relates to the impact of the structural transformation of our ... (full story)