Comment: In defence of inflation targeting

Writing in the Financial Times this week, Wolfgang Munchau suggests that the "end of inflation targeting is in sight". Munchau points to the shortcomings of the Swedish inflation targetting regime, and draws universal lessons from it. A number of objections to Munchau's analysis could be raised.


Until recently - and for more than two years before it - annual CPI inflation persistently undershot the lower band of the Riksbank's target of 1%. Munchau correctly points out

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