On Monday yet another big country adopted Crow’s strategy of a 2% target for inflation, this time Japan. The U.S., the biggest convert of all, came over last year. Truth be told, we weren’t the first to adopt inflation targeting as a central bank strategy. New Zealand preceded us by two years and went a percentage point lower. But, led by Crow, who took all the heat at the new monetary regime’s outset and was a one-term bank governor as a result, we were in at the start.
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