MPC dove slams policy orthodoxy

David Blanchflower, an external member of the Bank of England's Monetary Policy Committee, has launched a scathing attack on monetary-policy orthodoxy, questioning inflation targeting's intellectual roots and advocating consideration of whether to use rates to counter asset-price bubbles.

"It is clear that the intellectual basis for inflation targeting has been called into question," Blanchflower, who will step down in the coming months, said. "The economic models that provided the rationale