Moreover, a broad consensus exists among central banks, whether they have an explicit numerical target for inflation or not, that maintaining low and stable inflation over time is the best means by which monetary policy can promote economic efficiency and maximize the nation's economic welfare.
Thus, at least since the stabilization of U.S. inflation in the 1980s, the Federal Reserve's approach to monetary policy has had much in common with that of central banks that describe themselves as inflation targeters. Nevertheless, some aspects of inflation targeting may be less well suited to the Federal Reserve's mandate and policy practice.