Opinion
Why central banks need to stop worrying about inflation (targets)
Sticking rigidly to existing inflation targets risks snuffing out nascent growth. Flexibility will be needed to prevent mini-monetary mistakes of the recent past morphing into maxi-monetary mistakes.
Andy HaldaneEven economists are capable of love. And I love inflation targets, having been involved in their design and implementation in the UK, and across a number of other countries, for a period of more than 30 years.
Yet recent events have cast a long shadow over inflation targeting, with inflation in most countries rising to multiples of the targets adopted by their central banks.
Financial Times
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