Second, the inflation target framework has been proved effective even in the time of the Global Financial Crisis and its aftermath, but it has been pointed out that, even in the United States, where economic and price developments are relatively firm, interest rates have remained lower and room for monetary policy response has become smaller than before.
Under these circumstances, there are ongoing debates in the United States and other economies on what monetary policy framework should be adopted with a view to achieving the medium- to long-term price stability. Various approaches have been proposed, such as setting a higher inflation target and introducing average inflation targeting, price-level targeting, the inflation target range, and nominal GDP targeting (Chart 11).