shocks in the short term. Some inflation targeters associate this with more economic stability. Countries There were 27 countries regarded by the Bank of England's Centre for Central Banking Studies as fully fledged inflation targeters at the beginning of 2012. Other lists count 26 or 28 countries as of 2010. Since then, the United States and Japan have also adopted inflation targets although the Federal Reserve, like the European Central Bank, does not consider itself to be an inflation-targeting central bank. In addition, South Korea (Bank of Korea) and Iceland (Central Bank of Iceland) and others. See also Inflationism Monetarism Nominal income target Output gap Phillips curve Taylor rule References External links Table of Central Bank Inflation Targets Inflation Operations of central banks Monetary policy