“Flation” is an article adapted from a speech of the same title presented before the International Mass Retail Association Leadership Forum, Scottsdale, Arizona, January 21, 2002.

Ten years of empirical studies of inflation targeting have not uncovered clear evidence that monetary policy that incorporates formal targets imparts better inflation performance. The authors survey the literature and find that the "no difference" verdict concerning inflation targeting has been...

Despite the fact that the U.S. economy has been performing very well recently, monetary policymakers have been the targets of some criticism. In the speech reprinted here, which was delivered to a group of bankers in June 1997, St. Louis Federal Reserve President Thomas C. Melzer responds to the...