Alan Blinder predicts that as soon as the Fed staff is worn down out from studying it to death, an explicit inflation target will be implemented:
Targeting Inflation, Washington Wire: Ex-Fed Vice Chairman Alan Blinder, holding forth on inflation targeting, a subject dear to the heart of Ben Bernanke, said ... reform ... will entail the Fed no longer playing games and coming out and saying "either "this is our target number, although we don't expect to hit it to the decimal, or this is our target range." He said he sees Bernanke moving on this front relatively quickly, though not precipitously. But Blinder also cautioned that "the Fed staff will insist on studying this to death." Indeed, he predicted the staff "will produce a telephone-book-size study." "When that is done and a consensus is reached--and he's a good consensus-builder on the FOMC -- they will enunciate an inflation target very clearly," added Blinder. "They will not play games anymore; there will be a very clear enunciation."