Mr Gramlich focuses on inflation targeting (Central Bank Articles and Speeches, 13 Jan 2000)

At one time or another, opinions on how central banks should operate have focused on fixing exchange rates, stabilizing the rate of growth of the money supply, smoothing the growth of nominal income, or setting short-term interest rates through an instrument rule. But lately both academic economists and central bankers have become enamored of a new procedure that may have more staying power than these other approaches and that has certainly been more widely adopted around the world. Called inflation targeting, this new procedure essentially commits a country’s central bank to hit an inflation target, usually expressed as a low, positive rate of inflation subject to some margin of error and some allowance for outside price shocks.