Romer on Inflation Targeting

The Bank of Japan has acceped the inflation targeting as a new monetary-policy framework, which has said that it will double the monetary stock in two years and that it will reach 2% of the rate of inflation.

David Romer, the famous author of the graduate textbook, 'Advanced macroeconomics', talked about the inflation targeting;

Concerning monetary policy, inflation targeting appeared to be a wonderful framework for its first fifteen or twenty years. But we have now had an extended period where it has shown itself incapable of providing aggregate demand at the level that is widely recognized to have been needed. So it seems important to think about whether we should have a different framework for monetary policy. 

日本語訳：　金融政策に関して、インフレ・ターゲティングは最初の１５年か２０年は優れた枠組みのように見えたが、もはや金融政策が必要だと広く認知される水準まで総需要を引き上げることが困難な時期に来ている。金融政策について違った枠組みを考えることが重要であるように思える。