Inflation targeting a dangerous fad, says Stiglitz

Joseph Stiglitz, the Nobel Prize-winning economist and Columbia University professor, has panned inflation targeting as a "fad" that could lead to economic disaster.

"I think we are about to see a number of instances of countries that follow inflation targeting in an inappropriate situation and they will be a disaster," Stiglitz told the Australian Broadcasting Corporation on Wednesday. "I would predict that in five years' time inflation targeting will be seen as just another fad, fashionable

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