of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation …. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s. Moreover … Inflation while favouring a passive-policy description of monetary policy. FOMC transcripts provide a neglected interpretation …

economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …