In looking back, I will focus on the New Zealand experience, but the main conclusions I draw are not unique to New Zealand. I will argue that inflation targeting has done well on the price stability front, and has given central banks a lot of flexibility in helping steer the economy through turbulent waters.
However, in itself, it has not guaranteed balanced growth or macroeconomic stability. Other factors matter: neutral fiscal policies, monetary settings in the major global economies, and a stable financial system. It is in the interplay of the financial system and macroeconomic stability that most learning will need to be done in the coming years.