"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 …

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 …