FOMC 2005 transcripts: Bernanke, Hoenig called for long-term inflation targets
Transcripts of 2005 Federal Open Market Committee (FOMC) meetings, published Friday, showed some of the central bank's policymakers favoured the adoption of a long-term inflation target.
Ben Bernanke, now the chairman of the central bank's board of governors, led the push for the adoption of a long-term objective. "Having a long-run inflation objective that is defined first of all not as price stability per se, but rather as the long-run inflation rate that best achieves our dual mandate, would
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