TY  - JOUR
AU  - Goodfriend, Marvin
TI  - Inflation Targeting in the United States?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9981
PY  - 2003
Y2  - September 2003
DO  - 10.3386/w9981
UR  - http://www.nber.org/papers/w9981
L1  - http://www.nber.org/papers/w9981.pdf
N1  - Author contact info:
Marvin Goodfriend
E-Mail: N/A user is deceased
M1  - published as Marvin Goodfriend. "Inflation Targeting in the United States?," in Ben S. Bernanke and Michael Woodford, editors, "The Inflation-Targeting Debate" University of Chicago Press (2005)

AB  - 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.
ER  -