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It should anchor expectations by setting an explicit inflation target.
Following this logic, Bernanke and two colleagues proposed that the Fed become more transparent and publicize an explicit inflation target.
The Fed, for instance, has never adopted an explicit inflation target (though it has an implicit one).
Some economists argue that the Fed would find its policy easier to explain if it had an explicit inflation target something Mr Bernanke is known to favour.
Though they are far from agreeing to an explicit inflation target, the central bankers are discussing other ways to improve transparency.
When both were governors under Mr. Greenspan, Mr. Kohn opposed Mr. Bernanke's view that the Fed should make monetary policy more transparent by announcing an explicit inflation target.
Similar(41)
The Fed has a dual mandate to promote full employment and price stability and no explicit inflation target.
America's central bankers have no explicit inflation target.
Many have explicit inflation targets.History also counts.
A money-financed tax cut, for example, would require co-operation between national governments and central banks, and would have to be consistent with explicit inflation objectives.
While there is no explicit inflation target, the Fed's "comfort zone"—of core inflation between 1% and 2% comes pretty close to one.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com