If V shows a tendency to grow over time, or shrink over time, the money target should be adjusted accordingly to keep MV (total spending) in line with the noninflationary real growth potential of the economy.

FORBES: The Fed Isn't Easing Monetary Policy

But it is a sign of how far the political ground has shifted that Mr. King also suggested governments could be more explicit in specifying the time over which high inflation be bought back to target.

WSJ: Two Ways to Look at Sovereignty Issue

The catch-up contributions for workers over 50 clearly target women who have spent time out of the workforce.

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