6 From the start of inflation targeting in the United Kingdom in 1992, it was made clear that the authorities, when faced with a situation in which inflation was different from the target rate, would generally not seek to restore inflation to target as quickly as possible.
Rather, they typically would opt for a policy that sought to bring inflation back to target gradually, without unnecessary destabilization of real output. See LeighPemberton (1992) and Bernanke and others (1999, pp. 156-57). This approach has continued in the MPC era, as discussed later.