“The Federal Reserve’s Monetary Policy Toolkit: Past, Present, and Future,” speech delivered at “Designing Resilient Monetary Policy Frameworks for the Future,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 26, https://www.federalreserve.gov/newsevents/speech/yellen20160826a.htm.
These central banks all make policy decisions to align their inflation forecasts with their specific inflation target over the medium term (or medium to long term). In other words, they conduct a so-called “flexible inflation-targeting framework” that is defined by Professor Lars E.O.