In our interview with Milton Friedman on his 90th birthday in this issue, we ask him for his verdict on the current dominant model of monetary policy-making - independent central banks committed to inflation targets. He replies that it is too early to tell: the model has only been up and running for ten years or so, after all.
This comment raises a number of questions: is it actually necessary for a model to last a long time for it to be judged a success? In a world in constant flux, why should
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