I think this is the appropriate way 19 to deal with the question which puts me in the camp of those that Faust and Henderson (2004) designate as LETers (Limited exploitable trade-off) instead of a NETer (Non exploitable trade-off) or, in the more colourful expression of Mervyn King, an «inflation nutter» aiming at reaching its target in every period.
A strategy that is forward-looking and has a medium term horizon for the achievement of its objective should be able to deal with this problem of supply shocks. A final point about the objective function regards the consideration of other possible objectives of policy in the field of financial stability.