Asymmetries and moral hazard Proponents of extra action have their own bones to pick with the conventional strategy, especially as it relates to the alleged asymmetric nature of the policy's response to asset market booms and busts.
The government chose to set the 3 to 6% target level. The setting of monetary policy instrument values (like the level of the “repo rate”) is entirely up to the BIS Review 88/2000  4  Reserve Bank. Therefore the inflation-targeting variable chosen provides for the instrument independence of the Reserve Bank, but not goal independence.