Lars E. O. Svensson's paper discusses the implementation and monitoring of inflation targeting. The paper argues that inflation targeting implies inflation forecast targeting, where the central bank's inflation forecast becomes an intermediate target. This simplifies both the implementation and monitoring of monetary policy. Inflation forecast targeting is more effective than money growth or exchange rate targeting, as it provides a more direct link to the inflation target and allows for better control and transparency. The paper also highlights the importance of output stabilization in inflation targeting, showing that the weight on output stabilization affects how quickly the inflation forecast is adjusted towards the inflation target. The paper concludes that inflation targeting is a more effective monetary policy framework than money growth or exchange rate targeting, as it provides a clear and transparent target for the central bank and allows for better monitoring by the public and market agents. The paper also discusses the role of public monitoring and evaluation of inflation targeting, emphasizing the importance of transparency and accountability in monetary policy.Lars E. O. Svensson's paper discusses the implementation and monitoring of inflation targeting. The paper argues that inflation targeting implies inflation forecast targeting, where the central bank's inflation forecast becomes an intermediate target. This simplifies both the implementation and monitoring of monetary policy. Inflation forecast targeting is more effective than money growth or exchange rate targeting, as it provides a more direct link to the inflation target and allows for better control and transparency. The paper also highlights the importance of output stabilization in inflation targeting, showing that the weight on output stabilization affects how quickly the inflation forecast is adjusted towards the inflation target. The paper concludes that inflation targeting is a more effective monetary policy framework than money growth or exchange rate targeting, as it provides a clear and transparent target for the central bank and allows for better monitoring by the public and market agents. The paper also discusses the role of public monitoring and evaluation of inflation targeting, emphasizing the importance of transparency and accountability in monetary policy.