The credit crunch of the early 1990s is another. The emergence of inflation targeting in recent years is an interesting development in this regard. As practiced, it emphasizes forecasts, but within a more rule-like structure that skews monetary policy toward inflation containment as the primary goal. Indeed, its early applications were in high-inflation countries where discretionary monetary policy fell into disrepute.
Inflation targeting often originated as a fairly simple structure concentrating solely on inflation outcomes, but it has evolved into more-discretionary forms requiring complex judgments for implementation.