The inflation targeting debate: a case study in FOMC deliberation

The consideration of a variety of points of view and the absorption of new thinking over time are two of the Federal Open Market Committee's (FOMC) primary responsibilities. The range of perspectives brought to the committee by its individual members is one of its great strengths. At each meeting, 19 participants - 12 voting members plus the seven nonvoting reserve bank presidents - have ample opportunity to present their respective views on US and global economic and financial conditions, mo