Nonetheless, it needs to be appreciated that relative to the past, we need to communicate better on the objective of price stability and as firmly as possible, albeit without necessarily a precise numerical objective. Indeed, why should a monetary policy invested with multiple objectives choose to quantify only one – the inflation rate?
Return to text 3 Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1-17. Return to text 4 Richard Clarida, Jordi Galí, and Mark Gertler (2000), “Monetary Policy Rules and Macroeconomic Stability:  Evidence and Some Theory,” Quarterly Journal of Economics, vol. 115 (February), pp.