Update: Unbalanced Central Bankers

An earlier post on Unbalanced Central Bankers made the point that most inflation-targeting central bankers have consistently undershot their inflation targets in the wake of the global financial crisis. As a result, rather than the symmetry that should mark deviations around target inflation, with above-target observations interspersed with below-target “misses,” the pattern has been a series of consistent under-shooting. The New York Times recently pointed out, here, that the Federal Reserve is failing to meet its own targets on inflation and unemployment.