And while the panel banks had committed to continue submissions through the end of this year, they had not stated what they planned to do afterward. Although one might have expected that a statement from the regulator that a benchmark would stop might cause people to think twice before using it even if the exact end date were uncertain, many have kept using LIBOR.
But the migration of academic economists to inflation targeting is nothing compared with the migration of actual real world countries to inflation targeting. The earliest and still most elaborate procedures were adopted by New Zealand, where the parliamentary government in 1990 began negotiating inflation targets with its newly independent central bank, making these targets public, and holding the bank responsible for hitting the targets.