Inflation Targeting and the Conduct of Monetary Policy

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: I am pleased to be here with you today to talk about inflation targeting and the conduct of monetary policy. I would like to thank Dr. Coughlan, Dean Newman and the University of Richmond for giving me an opportunity at this time to express my views on this important subject. The timing is right for two reasons. It has been just a little more than half a year since I became president of the Federal Reserve Bank of Richmond. As bank president, I participate regularly in the Federal Open Market Committee, the body that makes monetary policy in the United States. And I welcome this as an opportunity to make the first comprehensive presentation of my views on the conduct of monetary policy. As I will explain in detail, I believe that the adoption and announcement of an explicit, numerical, long-run inflation target by the Fed would enhance the effectiveness of monetary policy.

Date: 2005-03-01
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