It is, in fact, closely related to the policy framework known as inflation targeting. Let me take a moment to explain the relationship between what I have termed “constrained discretion” and the more familiar concept of inflation targeting. It is useful, I think, to divide monetary policymaking into two parts - roughly, what you do and what you say about it.
“What you do” covers the operational aspects of policy - the assessment of economic conditions and the setting of policy instruments (such as the federal funds rate in the United States).