Given the global forces at work, short-term inflation control looks harder than it once was and 2/6  BIS central bankers' speeches  there is more uncertainty about what is required to deliver this control. When inflation targeting was first introduced, a great deal of emphasis was placed on central banks achieving their targets as precisely as they could.
(2013), “Household Balance Sheets, Consumption, and the Economic Slump”, mimeo, Princeton University. Slacalek, J. (2009), “What Drives Personal Consumption? The Role of Housing and Financial Wealth”, The B.E. Journal of Macroeconomics, Vol. 9(1), De Gruyter, October, pp. 1–37. 4  BIS central bankers’ speeches