Indeed, Svensson has characterized many central banks as now operating under "flexible" inflation-targeting regimes, where the flexibility allows them in practice to take account of smoothing output relative to full employment, perhaps making such regimes observationally equivalent to those operating under an explicitly dual mandate. Is this true?
In addition, central banks can also increase their flexibility in an inflation-targeting regime by setting their objective in relation to an inflation forecast, rather than current inflation performance, or by focusing on core, as opposed to headline, inflation – directions in which inflation-targeting regimes appear to have evolved over time.