Philadelphia Fed Business Review, 4th Quarter 2004

- Central Banking staff
- 18 Jan 2005

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The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Fourth Quarter 2004. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting, proposing a specific inflation targeting program.

Should monetary policymakers in the U.S. adopt explicit inflation targeting? After all, the Fed has steadily reduced inflation over the past 25 years without resorting to an explicit inflation target

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