The cult of inflation targeting began in New Zealand in the late Eighties.
Let us at least hope that the great monetary misadventure has burned itself out.
In the wrong circumstances such a doctrine is a formula for asset bubbles and deranged financial cycles, and that is precisely what events have conspired to produce.
The logic of constructing an entire financial order around one arbitrary variable such as inflation was never compelling. This technocrat urge to fine-tune prices is a radical departure from their historic role of central banks: to ensure financial stability and act as a lender-of-last resort in a crisis.
Ambrose 1 November 2017
Did inflation targeting fail?
How can it have gone so wrong?
Martin Wolf, Financial Times, May 5 2009
Riksbankens mål om 2,0 procents inflation tillkom i all hast för litet mer än 20 år sedan
Inflationsmålet skulle inte ha fun
nits där, om Sverige hade klarat att hålla fast växelkurs.
Johan Schück, DN 2015-05-08