Yes, that's one of their stated reasons (there are others). But it hasn't worked for a long very time - the net effect is well and truly negative by now. My vi

Yes, that's one of their stated reasons (there are others). But it hasn't worked for a long very time - the net effect is well and truly negative by now. My view: Deliberately stoking massive asset price inflation and wealth inequality while preventing wage inflation is a major cause (along with offshoring) of the social and political tension across the developed world. Our glorious central bankers (with a few honorable exceptions) still believe that this pursuit of the "wealth effect" is the right thing to do, and the benefits of their monetary diarrhoea will eventually trickle down to everyone. It's not happening and it won't happen. Some governments are waking up and looking at unifying fiscal and monetary policy. Some are even directing where the credit goes. Frankly I think "independent" central banking exists today in name only, and may disappear within 10 years. So prepare for inflation to return, to "surprise" everyone, and for our central banks to ignore it and keep suppressing rates right up to the bitter end. And when the rates do rise again, all the zombie firms, malinvestment, bezzles, and unpayable debts will float to the surface and we'll have a bigger version of 2008 to deal with. And a pensions crisis to follow.