Jeffrey Frankel — The Death of Inflation Targeting

It is with regret that we announce the death of inflation targeting. The monetary-policy regime, known as IT to friends, evidently passed away in September 2008. The lack of an official announcement until now attests to the esteem in which it was held, its usefulness as an ornament of credibility for central banks, and fears that there might be no good candidates to succeed it as the preferred anchor for monetary policy.

Read it at Project Syndicate
The Death of Inflation Targeting

by Jeffrey Frankel | Professor at Harvard University's Kennedy School of Government, previously served as a member of President Bill Clinton’s Council of Economic Advisers.
(h/t Mark Thoma)

Key post wrt the history of monetary policy and where we are now. Short, too.