There are fault lines in the framework; The inflation-targeting policy is being unfairly blamed for the economy's ills, writes Iraj Abedian.(News)

From: The Mercury (South Africa) | Date: July 11, 2008 | Copyright information

Inflation targeting has come under sustained attack over the past year or so in South Africa. As global inflation has risen over the past few years and the Reserve Bank has responded in pursuit of its mandate of containing inflation, the voices against inflation targeting have become louder.

These attacks may be divided into two broad categories: political and substantially technical. To some extent, the latter fuels the former.

Recent pronouncements by the "Harvard Group of Economists", commissioned by the national Treasury, have questioned the appropriateness of ...

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