Benati, Luca - Bank of England - 2006
during the period between the floating of the pound, in June 1972, and the introduction of inflation targeting, in October … Whiteman-McCallum criticism of Lucas. The post-1992 inflation-targeting regime appears to have been characterised, to date, by … right: during the inter-war period, real wages were strikingly countercyclical. By contrast, under inflation targeting they …