Calling inflating prices "stable" is doubletalk, whether or not the policy is a good idea. The inflation-targeting policy framework dates from 1980ish, influen

Calling inflating prices "stable" is doubletalk, whether or not the policy is a good idea. The inflation-targeting policy framework dates from 1980ish, influenced by Friedman's monetarism and "rational expectations", as I understand it (poorly). In the decades before that, after the Depression and WW2, the official policy was more Keynesian in flavor. But that was not the rationale to create the Fed, again. More recently since 2008 and especially 2020, it's looking like a new regime again, and I wouldn't count on the next decade looking like the past several.