The IMF yesterday re-published a paper outlining the benefits of a long-run inflation target of 4% – with the usual caveats that the views are those of the author, Laurence Ball, alone – less than a week after Kenneth Rogoff, professor of economics at Harvard University, had issued a critique of the concept following Paul Krugman's call for a 4% target at the ECB's central banking forum in Sintra, Portugal, at the end of last month.
In the IMF working paper, Ball, a professor at Johns Hopkins Un
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