At this stage in the debate, the case for constraining a central bank’s monetary policymaking is well established and widely accepted. An explicit low inflation or nominal income target for the Federal Reserve would be an improvement over the discretionary status quo. The debate can now move on to the question of whether to target a price index, and if so an index limited to consumer prices or one including asset prices, or instead to target an expenditure index.
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Citation (Chicago Style)
White, Lawrence H. 2007. "What Type of Inflation Target?" Cato Journal 27 (Spring/Summer 2007): 283-88.