But in the event that opinion coalesced in favour of some more active response to asset prices in the interests of longer-run financial and economic stability, I think inflation targeting as a system is sufficiently adaptable to encompass that. Will we return here in another decade to celebrate twenty years of inflation targeting? Actually, I hope not.
My hope would be that a system for running policy which has worked well will continue to do so, adapting as needed to changing conditions, to the point that a sound monetary system is just part of the economic furniture and we spend our time debating other issues.