Once having admonished us in an effort to make sure we understood the consequences of our policies, the Congress has generally relied on us  3  4  When Susan Phillips’ term expired on 31 January 1998, it took the Administration a year and a half to nominate Carol Parry for that position.
The core characteristics of inflation targeting relate to the public announcement of a target for inflation, explicit acknowledgement that low, stable inflation is monetary policy’s primary long-run goal, transparency about the objectives of policy and the rationale for monetary policy decisions, and strengthened accountability for the achievement of the goals of policy.