The employment enigma: why is there no inflation?

After years of monetary stimulus, zero interest rates and quantitative easing, the global economy is now experiencing strong, synchronised growth. Finally, some 10 years after the global financial crisis, after the US housing crisis, the eurozone currency crisis and a challenged time for the financial system, economies are growing strongly almost everywhere, and the leading indicators suggest we are set fair for the medium term. In addition, President Trump has taken the somewhat surprising decision (given where we are in the cycle) to provide additional fiscal stimulus to the US economy, stoking what would appear to be an already hot fire.