----------------- HES POSTING ----------------- 
 
 
Perry Mehrling wrote: 
 
>I think that inflation targeting needs to be seen as a transitional  
>policy aimed ultimately at stabilizing international exchange rates  
>and so creating the preconditions for a proper international  
>monetary system. 
 
Why not see it as a way of trying to target, in John Taylor's phrase, the 
"velocity adjusted money stock"? 
 
Brad DeLong 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]