Sure, we had hits and misses. But along the way, our central bank has been receiving awards and recognition for its success in providing one of the world’s best regulatory framework for promoting the development of microfinance and financial inclusion.
In the long term, low inflation promotes growth, efficiency, and stability – which, all else being equal, support maximum sustainable employment, the other leg of the mandate given to the Federal Reserve by the Congress. Admittedly, measuring the long-term relationship between growth or productivity and inflation is difficult.