Now, after 25 years, there is considerably greater confidence that the regime can contribute to sound macroeconomic outcomes in terms of both inflation and growth. The proof of the pudding has been in the eating. There is greater confidence and understanding about the framework from the public, from the political process, from financial markets and from the policymakers themselves.
There is also now a large academic literature supporting inflation targeting and examining and advising on various questions about the appropriate design and operation of the framework. That has validated many of the decisions taken by policymakers in setting up their inflation-targeting frameworks, but has also questioned some features of the framework.