Over the past two years The Economist has studied the economic fortunes of Hikelandia. This group of eight countries—Brazil, Chile, Hungary, New Zealand, Norway, Peru, Poland and South Korea—started to tighten monetary policy in 2021, many months ahead of the Federal Reserve and the European Central Bank (ECB). They also raised rates far more aggressively. Yet for much of 2022 and 2023 Hikelandia’s central bankers had little to show for their hawkish determination. Inflation just kept on climbing.