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.
In particular, although inflation-targeting central banks certainly pay attention to economic growth and employment, their formal accountability is often largely couched only in terms of a price-stability objective. Likewise, the communication strategies of inflation-targeting central banks tend to be focused on the formal inflation objective and the horizon over which that objective will be achieved.