I will flag them here to facilitate deliberations in the meeting. First, how far are the central banks going to the other extreme, from a “one target-one instrument” to a “multi target–multi instrument” approach to central banking? How much would this result in a dilution of the focus of central banks? What should be the relative emphasis between the various objectives?
10 I have already mentioned the broad-based benefits that a strong labor market can deliver and noted that many of these benefits only arose toward the end of the previous expansion. I also noted that these benefits were achieved with low inflation. Indeed, inflation has been much lower and more stable over the past three decades than in earlier times.