123 – Adam Posen on Trade, Inflation Targeting, and Central Bank Independence
Macro Musings with David Beckworth
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Challenges and Evolution of Central Banking
This chapter explores the experiences of a foreign head of a central bank, discussing challenges faced in influencing decisions on trade, inflation targeting, and central bank independence. It delves into the concept of inflation targeting as a pragmatic compromise but highlights challenges post the Great Recession due to rigidity and public perception of low inflation. The discussion also covers the evolution and importance of central bank independence in shaping economic outcomes.
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