Consensus over Fed inflation target shifted during Great Recession – San Fran Fed

The Federal Reserve Bank of San Francisco
Shell Jiang

The Great Recession led Federal Open Market Committee participants to change their view of the appropriate level of inflation to target, research from the Federal Reserve Bank of San Francisco says.

Adam Shapiro and Daniel Wilson analyse transcripts from FOMC meetings, including conference calls, over the period of 1986 to 2013, with the Fed having implemented its 2% inflation target in 2012. They track explicit statements made by participants about their preferred inflation target.

The

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