from political pressure to undertake an overly expansionary monetary policy. An econometric analysis found that although inflation targeting results in higher economic growth, it does not necessarily guarantee stability based on their study of 36 emerging economies from 1979 to 2009. Shortcomings Supporters of a nominal income target criticize the propensity of inflation targeting to neglect output shocks by focusing solely on the price level. Adherents of market monetarism, led by Scott Sumner, argue that in the United States, the Federal Reserve's mandate is to stabilize both output and the price level, and that consequently a nominal income target would better suit the Fed's mandate. Australian economist John Quiggin, who also endorses nominal income targeting, stated that it "would maintain or enhance the transparency associated with a system based on stated targets, while restoring the balance missing from a monetary policy based solely on the goal of price stability". Quiggin blamed the late-2000s recession on inflation targeting in an economic environment in which low inflation is a "drag on growth". In practice, many central banks conduct "flexible inflation targeting" where the central bank strives to keep inflation near the target except when such an effort would imply too much output volatility. Quiggin also criticized former Fed Chair Alan Greenspan and former European Central Bank President Jean-Claude Trichet for "ignor[ing] or even applaud[ing] the unsustainable bubbles in speculative real estate that produced the crisis, and to react[ing] too slowly as the evidence emerged". In a 2012 op-ed, University of Nottingham economist Mohammed Farhaan Iqbal suggested that inflation targeting "evidently passed away in September 2008", referencing the 2007–2012 global financial crisis. Frankel suggested "that central banks that had been relying on [inflation targeting] had not paid enough attention to asset-price bubbles", and also criticized inflation targeting for "inappropriate responses to supply shocks and terms-of-trade shocks". In turn, Iqbal suggested that nominal income targeting or product-price targeting would succeed inflation targeting as the dominant monetary policy regime. The debate continues and many observers expect that inflation targeting will continue to be the dominant monetary policy regime, perhaps after certain modifications. Empirically, it is not so obvious that inflation targeteers have better inflation control. Some economists argue that better institutions increase a country's chances of successfully targeting inflation. As regards the impact of the 2007–2012 financial crisis, John Williams, a high-ranking Federal Reserve official, concludes that "when gauged by the behavior of inflation since