"This paper summarizes recent developments in the theory and practice of monetary policy in a closed economy and … solution is evolving in the use of inflation targets"--Federal Reserve Bank of St. Louis web site …

and a central bank that uses an interest rate rule to target inflation and/or the price level. We present analytical … results showing that, although inflation targeting often results in real indeterminacy, a price level target generally …

This paper advances the hypothesis that the transition from there-is-little-central-banks-can-do-to-control-inflation … to inflation targeting occurred because central banks, especially the Federal Reserve, demonstrated that central banks … can control inflation rather than a consequence of marked improvement in the professions understanding of how monetary …

We formulate the central bank’s problem of selecting an optimal long-run inflation rate as the choice of a distorting … equivalent to choosing inflation and nominal interest rates consistent with a resource constraint, and with an incentive … the optimum inflation rate is positive, because inflation reduces the value of the outside option for credit agents and …

February 6, 2012. Speech. "Inflation Targeting in the USA." Delivered at the Union League Club of Chicago, Breakfast@65 …