Why IMF may be wrong on 'inflation targeting'

......While independent central banks can be credited for initially anchoring inflationary expectations, the reality, however, is that "inflation targeting" also inflated the asset bubbles that were the ultimate triggers of the recent global financial crisis. The IMF has perhaps failed to give due credit to two major structural changes in the global economy that kept, and are keeping, inflation low, undermining the traditional role of consumer price inflation as a robust marker of business cycles........

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