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The Inflation Target Ten Years on

In this lecture to the London School of Economics, Mervyn King, Deputy Governor, re-examines the case for price stability ten years after Robin Leigh Pemberton asked the same question in the first LSE-Bank of England lecture. Mervyn King asks three questions. Did the benefits of low inflation promised ten years ago materialise? What does price stability mean in practice? And finally, what are the challenges for monetary policy over the next decade?