Inflation Targeting in the United States?

No 9981, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The paper begins by tracing the origins of the case for inflation targeting in postwar US monetary history. It describes five aspects of inflation targeting practiced implicitly by the Greenspan Fed. It argues that (1) low long run inflation should be an explicit priority for monetary policy, (2) as a practical matter it is not desirable for the Fed to vary its short run inflation target (3) strict inflation targeting can be regarded as effcient constrained countercyclical stabilization policy. Finally, the paper suggests that the Fed publicly acknowledge its implicit priority for low long run inflation, that Congress recognize that priority, and that in return representatives of the FOMC consider participating in a monetary policy forum to better inform the public and congressional oversight committees about current monetary policy.

JEL-codes: E3 E4 (search for similar items in EconPapers)
Date: 2003-09
New Economics Papers: this item is included in nep-mac and nep-mon
Note: ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (52)

Published as Inflation Targeting in the United States? , Marvin Goodfriend. in The Inflation-Targeting Debate , Bernanke and Woodford. 2005

Downloads: (external link)
http://www.nber.org/papers/w9981.pdf (application/pdf)

Related works:
Chapter: Inflation Targeting in the United States? (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:9981

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w9981

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().