Alternatives to Japan’s 2% flexible inflation target

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The search for a better monetary policy framework has increasingly become one of the main topics discussed among central banks in advanced economies. Before the global financial crisis of 2008–09, central banks reached a consensus that ‘flexible inflation targeting’ – which attempts to achieve the specific inflation target in the longer run by taking into account resource maximisation – was the main pillar of any monetary policy framework.

Such a consensus reflects the success achieved by many

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