Fed Reserve Bank of St Louis Review, Sep/Oct 2006

The latest edition of the St Louis Fed's Review for Sep/Oct 2006 includes the article 'Do Inflation Targeters Outperform Non-targeters?' The article says 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 robust to a wide range of countries and methods of

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