Will the new monetary policy consensus work for a small, open economy?

"The modern central banker needs to be open to the reality of the ongoing structural changes around him, and to keep an open mind as to how monetary policy might best be used to enhance the welfare of the citizens for whom he or she is responsible."
William R. White (2002)

In the second half of the 1980s, in response to the high inflation of the previous two decades, central banks made achieving low and stable inflation their primary objective. In most countries, price stability was achieved

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