What can be done to reduce poverty and unemployment and catch up with the East Asia? We should recognize this region is our benchmark against which we should evaluate our performance although it is our biggest competitor in the global markets, particularly China, which is becoming an industrial giant.
Like Meyer, I prefer the dual mandate formulation and find it to be fully consistent with inflation targeting. Formally, the dual mandate can be represented by a central bank loss function that includes both inflation and unemployment (or the output gap) symmetrically.