Joblessness is worse than inflation
ANALYSIS: We have the data to show calls for a single RBNZ mandate are misguided.
Central banks face trade-offs in targeting price stability.
Would you rather be deaf or blind? Would you rather lose a leg or both your kidneys? Which is worse, inflation or unemployment?
It’s hard to choose between two unpleasant outcomes, unless, of course, you’re confident about the greater evil.
In relation to inflation and unemployment, it seems
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