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What to target?

It’s unclear whether the Allan Meltzer’s H Parker Willis lecture on Monday afternoon (5-6 pm in Stackhouse Theater) will focus on monetary issues. (Remember that the legislation setting up the Federal Reserve System was drafted in Huntley 220 by then-Dean Willis…)

The following <a href=””> Market Monetarist blog</a> has an interesting post on measuring inflation using the CPI vs the GDP deflator. As those who have followed Japan know, the two do not track. (Ditto the Producer Price Index or various analogs.) So what should we watch, and why?