Inflation targeting is a framework for monetary policy that has gained popularity among industrialized countries since the 1990s. This paper analyzes the effect inflation targeting has by estimating variations of the expectations augmented Phillips curves. Specifically, it analyzes if inflation targeting has significantly lowered the rate and volatility of inflation, if there is a weak enough relationship between money aggregates and inflation to justify new monetary policy regimes such as inflation targeting, and if inflation targeting has resulted in more efficient monetary policy. The findings are that while inflation targeting has reduced the rate and volatility of inflation, and there is a weak relationship between inflation and money aggregates, inflation targeting has not resulted in more efficient monetary policy. Finally, with the appointment of Ben Bernanke as chairman of the U.S. Federal Reserve, and his long history as an advocate of inflation targeting, the possibility of the U.S. adopting inflation targeting is considered.