Leftover piles of slushy snow from the t heaviest snowfall in over a century make it hard to take sharp turns on the roads of Washington, dc, these days. But the past couple of weeks have seen plenty of ideological swerves at the imf's downtown headquarters. Earlier this month the fund's chief economist, Olivier Blanchard, questioned the focus of modern macroeconomic policy on keeping inflation low, arguing that central banks should aim at an inflation rate of 4%, rather than the conventional goal of 2%. Now a paper* by a group of imf economists suggests that the fund has substantially rethought its position on the use of restrictions by emerging markets on capital inflows.
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