Inflation Targeting in the United States? /
Goodfriend, Marvin.
Inflation Targeting in the United States? / Marvin Goodfriend. - Cambridge, Mass. National Bureau of Economic Research 2003. - 1 online resource: illustrations (black and white); - NBER working paper series no. w9981 . - Working Paper Series (National Bureau of Economic Research) no. w9981. .
September 2003.
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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Inflation Targeting in the United States? / Marvin Goodfriend. - Cambridge, Mass. National Bureau of Economic Research 2003. - 1 online resource: illustrations (black and white); - NBER working paper series no. w9981 . - Working Paper Series (National Bureau of Economic Research) no. w9981. .
September 2003.
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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.