Forum on Emerging Issues

Inflation Targeting

By Francis H. Schott

Francis H. Schott is a director and member of the Investment Committee of Mutual of America, a New Yorkbased pension and insurance provider. He was president of NABE and is now a fellow and Finance Committee member of the Association. He holds a Princeton Ph.D. and has been a Federal Reserve Bank of New York officer and chief economist of Equitable Life (now AXA Financial).

There is substantial positive interest within the Federal Reserve in an explicit price level objective as a focus for evaluating Federal Reserve performance. Setting such an explicit objective would raise the question of whether price stability might acquire primacy among the mandates the Federal Reserve has received over the years.

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