Most of the discussion in the United States on the subject of mandates and objectives has been about whether to identify inflation as the single or primary objective and whether to move to a formal 1 inflation-targeting regime.
The title of my lecture – "Inflation Targets and Inflation Targeting" – is intended to differentiate between two options for changing the policy mandate for the Federal Reserve. The first option, which I favor, is setting an explicit numerical target for inflation within the context of our current dual mandate.