Is inflation targeting worth the effort? It’s a topical question considering that a fan of the mechanical system for managing a nation’s money supply is reportedly on the short list of potential successors to Alan Greenspan, who retires in January as chairman on the board of governors at the Fed. Meanwhile, a new piece from the St. Louis Fed weighs in on the subject of inflation targeting by way of an essay titled “The Effectiveness of Monetary Policy,” which today joins the other tenants in the Research Room.