----------------- 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]