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Misdiagnosis of 2008 and the Fed: Inflation Targeting Was Not the Problem. An Unwillingness to Vaporize Asset Values Was Not the Problem...

This, from the very sharp Martin Wolf, seems to me to go substantially awry when Martin writes the word "convincingly". Targeting inflation is not easy: you don't see what the effects of today's policies are on inflation until two years or more have passed. Targeting asset prices, by contrast, is...
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