Economics
Central Bankers Reconsider Inflation Targets They Can’t Hit
Pedestrians are reflected in the window of a securities company showing the numbers of the Tokyo Stock Exchange.
Photographer: Yoshikazu Tsuno/AFP via Getty ImagesThis article is for subscribers only.
Central bankers are proving to be the gang that can’t shoot straight.
A quarter of a century since New Zealand opened the era of inflation targeting, policy makers from the U.S., euro area, U.K. and Japan are all undershooting their consumer-price goals. Of the Group of Seven, only Canada is currently meeting its mandate.