Another study shows that the capacity of judgment and understanding, acquired through education and training, peaks at around 60 and gradually declines thereafter. Apparently, however, findings show that such capacity for those in their 80s roughly equals that of people in their mid-20s.
But they also call for easier monetary conditions when demand is weak, leaving slack in the economy. Monetary policy targets focused on inflation were initially developed to help reduce persistent high inflation in an orderly manner. But I believe that such targets continue to provide the best framework for the conduct of monetary policy, even at low rates of inflation.