Fourth, its distributional implications: does it increase income or wealth inequality? I will address each of these questions in turn. 2. Is the pursuit of price stability still warranted? (Yes!) The popularity of inflation targets is at one of its all-time lows.
However, in my view, these calls for more of the former or more of the latter are in any case often misguided. Periods of deregulation, ie more of the market, often culminate in a crisis. By the same token, periods of reregulation, ie more of the state, often lead to economic stagnation.