{"id":"https://openalex.org/W2113197937","doi":"https://doi.org/10.1017/cbo9780511779770.006","title":"How did we get to inflation targeting and where do we need to go to now? A perspective from the US experience","display_name":"How did we get to inflation targeting and where do we need to go to now? A perspective from the US experience","publication_year":2010,"publication_date":"2010-09-16","ids":{"openalex":"https://openalex.org/W2113197937","doi":"https://doi.org/10.1017/cbo9780511779770.006","mag":"2113197937"},"language":"en","primary_location":{"id":"doi:10.1017/cbo9780511779770.006","doi":"https://doi.org/10.1017/cbo9780511779770.006","is_oa":false,"landing_page_url":"https://doi.org/10.1017/cbo9780511779770.006","pdf_url":null,"source":{"id":"https://openalex.org/S4306462995","display_name":"Cambridge University Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Twenty Years of Inflation Targeting","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W646841966","display_name":"Twenty Years of Inflation Targeting"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5061853099","display_name":"Daniel L. Thornton","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Daniel L. Thornton","raw_affiliation_strings":["Federal Reserve System ,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve System ,","institution_ids":["https://openalex.org/I1317239608"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5061853099"],"corresponding_institution_ids":["https://openalex.org/I1317239608"],"apc_list":null,"apc_paid":null,"fwci":4.7238,"has_fulltext":false,"cited_by_count":21,"citation_normalized_percentile":{"value":0.96969697,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"90","last_page":"110"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/inflation-targeting","display_name":"inflation targeting","score":1.0},{"id":"https://openalex.org/keywords/federal-reserve","display_name":"Federal Reserve","score":0.7870000004768372},{"id":"https://openalex.org/keywords/history-of-economic-thought","display_name":"history of economic thought","score":0.6769999861717224},{"id":"https://openalex.org/keywords/central-bank-effectiveness","display_name":"central bank effectiveness","score":0.5440000295639038},{"id":"https://openalex.org/keywords/inflation-control","display_name":"inflation control","score":0.7549999952316284},{"id":"https://openalex.org/keywords/fiscal-policy","display_name":"fiscal policy","score":0.7139999866485596},{"id":"https://openalex.org/keywords/economic-stabilization","display_name":"economic stabilization","score":0.8040000200271606},{"id":"https://openalex.org/keywords/monetary-policy-effectiveness","display_name":"monetary policy effectiveness","score":0.5180000066757202},{"id":"https://openalex.org/keywords/us-monetary-policy","display_name":"US monetary policy","score":0.7080000042915344}],"concepts":[{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.8272366523742676},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.7587360143661499},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.6585352420806885},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6381502151489258},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.5518343448638916},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3907194137573242},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.342182457447052},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.12626969814300537},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0647830069065094},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.04438486695289612},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1017/cbo9780511779770.006","doi":"https://doi.org/10.1017/cbo9780511779770.006","is_oa":false,"landing_page_url":"https://doi.org/10.1017/cbo9780511779770.006","pdf_url":null,"source":{"id":"https://openalex.org/S4306462995","display_name":"Cambridge University Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Twenty Years of Inflation Targeting","raw_type":"book-chapter"},{"id":"pmh:oai:RePEc:fip:fedlrv:y:2012:i:jan:p:65-81:n:v.94no.1","doi":null,"is_oa":false,"landing_page_url":"https://files.stlouisfed.org/files/htdocs/publications/review/12/01/65-82Thornton.pdf","pdf_url":"https://files.stlouisfed.org/files/htdocs/publications/review/12/01/65-82Thornton.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.228.551","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.228.551","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://research.stlouisfed.org/publications/review/12/01/65-82Thornton.pdf","raw_type":"text"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","score":0.75,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":68,"referenced_works":["https://openalex.org/W186039662","https://openalex.org/W646841966","https://openalex.org/W1485086321","https://openalex.org/W1494995020","https://openalex.org/W1497325096","https://openalex.org/W1498927610","https://openalex.org/W1504647418","https://openalex.org/W1507659513","https://openalex.org/W1516053173","https://openalex.org/W1521351245","https://openalex.org/W1533024463","https://openalex.org/W1533300192","https://openalex.org/W1546736513","https://openalex.org/W1547170350","https://openalex.org/W1550472538","https://openalex.org/W1553180316","https://openalex.org/W1559138809","https://openalex.org/W1567908778","https://openalex.org/W1572579650","https://openalex.org/W1575422789","https://openalex.org/W1585060009","https://openalex.org/W1602011179","https://openalex.org/W1975530982","https://openalex.org/W1989689278","https://openalex.org/W1996231857","https://openalex.org/W2020492754","https://openalex.org/W2025823513","https://openalex.org/W2028988097","https://openalex.org/W2034251039","https://openalex.org/W2039684653","https://openalex.org/W2052237872","https://openalex.org/W2070720254","https://openalex.org/W2090766058","https://openalex.org/W2098389402","https://openalex.org/W2099242207","https://openalex.org/W2101426552","https://openalex.org/W2102406099","https://openalex.org/W2107218336","https://openalex.org/W2111291655","https://openalex.org/W2139170749","https://openalex.org/W2148385653","https://openalex.org/W2148673076","https://openalex.org/W2148925703","https://openalex.org/W2151993164","https://openalex.org/W2152839769","https://openalex.org/W2157838018","https://openalex.org/W2163122901","https://openalex.org/W2220280742","https://openalex.org/W2235106802","https://openalex.org/W2238988648","https://openalex.org/W2582638538","https://openalex.org/W2890805179","https://openalex.org/W2891416578","https://openalex.org/W2901133701","https://openalex.org/W2991686893","https://openalex.org/W3121464716","https://openalex.org/W3121595883","https://openalex.org/W3121935849","https://openalex.org/W3122037860","https://openalex.org/W3122127404","https://openalex.org/W3122760184","https://openalex.org/W3123292268","https://openalex.org/W3123309017","https://openalex.org/W3123804343","https://openalex.org/W3124637774","https://openalex.org/W3124666781","https://openalex.org/W3125580691","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W7099291370","https://openalex.org/W1550279554","https://openalex.org/W4244111759","https://openalex.org/W2279985069","https://openalex.org/W7097711423","https://openalex.org/W296360274","https://openalex.org/W2465080503","https://openalex.org/W7100291195","https://openalex.org/W195255493","https://openalex.org/W3203643486"],"abstract_inverted_index":{"Introduction":[0],"This":[1],"chapter":[2],"provides":[3],"a":[4],"perspective":[5],"on":[6,13,47],"the":[7,17,40,48,70,79,92,95,98,134,141,149,159,185,198,210],"evolution":[8,160],"to":[9,33,57,108,172,175],"inflation":[10,26,37,77,123,145,191],"targeting":[11],"based":[12,45],"economic":[14,126,162],"theory":[15],"and":[16,143,154],"US":[18,49],"experience.":[19],"The":[20,61],"Federal":[21],"Reserve":[22],"is":[23,30,44,166,180],"not":[24,130],"formally":[25],"targeting.":[27],"Nevertheless,":[28],"it":[29,54,114],"commonly":[31],"believed":[32,101],"be":[34],"an":[35],"implicit":[36],"targeter.":[38],"While":[39],"analysis":[41],"presented":[42],"here":[43],"largely":[46],"experience,":[50],"I":[51,83,157,208],"believe":[52],"that":[53,102,115,137,181,200],"applies":[55],"broadly":[56],"all":[58],"central":[59,73,103,168],"banks.":[60],"economics":[62,87,99],"profession":[63,100],"has":[64],"made":[65],"considerable":[66],"progress":[67],"towards":[68],"understanding":[69],"role":[71],"of":[72,97,161,187,197,206],"banks":[74,104,169],"in":[75,78,184,195],"controlling":[76,122],"forty-five":[80],"years":[81],"since":[82],"took":[84],"my":[85],"first":[86],"course.":[88],"Until":[89],"at":[90],"least":[91],"early":[93],"1970s":[94],"majority":[96],"could":[105,139],"do":[106,171],"little":[107,167],"control":[109,173,192],"inflation.":[110],"Conventional":[111],"wisdom":[112],"had":[113],"monetary":[116,131,188,211],"policy":[117,189,212],"was":[118,133,202],"relatively":[119],"ineffective":[120],"for":[121,125,190],"or":[124],"stabilisation.":[127],"Fiscal":[128],"policy,":[129,132],"principal":[135],"way":[136],"governments":[138],"stabilise":[140],"economy":[142],"keep":[144],"low,":[146],"by":[147],"filling":[148],"gap":[150],"between":[151],"private":[152],"demand":[153],"potential":[155],"output.":[156],"review":[158],"thought":[163],"from":[164],"\u2018there":[165],"can":[170],"inflation\u2019":[174],"\u2018inflation":[176],"targeting\u2019.":[177],"My":[178],"thesis":[179],"policymakers'":[182],"belief":[183],"efficacy":[186],"changed":[193],"dramatically":[194],"spite":[196],"fact":[199],"there":[201],"no":[203],"fundamental":[204],"refutation":[205],"what":[207],"call":[209],"ineffectiveness":[213],"proposition":[214],"(MPIP).":[215]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":7}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
