Robert Pringle's Viewpoint: Fatal flaws in inflation targeting
Some years ago, central bankers reached a consensus on the best model for monetary policy-making. It was summed up in the two words: 'inflation targeting'. Indeed, some parties, such as the Sveriges Riksbank's Lars Svensson in his 2009 paper Flexible Inflation Targeting – Lessons from the Financial Crisis, have argued the consensus around the practice of inflation targeting has actually been strengthened by the crisis.
Now Otmar Issing, former chief economist of the European Central Bank (ECB)
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