In an early blog post – Inflation targeting spells bad fiscal policy (October 15, 2009) – I outlined prior research that I had done on the issue of inflation targetting (IT). In my 2008 book with Joan Muysken – Full Employment abandoned – we provided further analysis on the issue. We found that there was no significant different in inflation and output dynamics between IT and non-IT nations. This was consistent with the evidence from other studies. Mainstream economists continually claim that IT delivers a range of virtues and central banks that implement IT use interest rates hikes aggressively when there is a hint of price pressure emerging. The latest evidence from an IMF study is that there was no significant difference between IT and non-IT nations in the recent inflationary episode. The research exposes IT for what it is – an article of ideological faith rather than an evidence-based and responsible policy approach.