There were serious questions about whether central banks could even create inflation because there had hardly been any inflation for some 25 years. The expansionary fiscal and monetary policies coming out of the 2008 financial crisis had not generated a rise in consumer prices above the 2% target.
“They just didn’t see this coming,” Gertler said.
MarketWatch 3 November 2022
Inflation targeting has been successful because it managed to anchor expectations — until it did not.
Wolfgang Munchau FT 19 July 2020
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