Such an evolution has brought many inflation-targeting regimes closer in practice to a dual mandate regime. II. The case for a dual mandate  The appropriate goals for monetary policy depend on the structure of the economy and the preferences of the citizenry. My support for a dual mandate reflects my views about the structure of the economy and about the public's preferences.
These can be summarized as follows: 1. Low and stable inflation ("price stability") is essential to good macroeconomic performance and hence should be an objective of macroeconomic policy. 4  King (1997). 5  Svensson (1999). 4  BIS Review 65/2001  2. The central bank is uniquely responsible for the inflation rate in the long run. 3.