Because empirical measurement of the PJT's effectiveness is very difficult, the PJT is evaluated analytically. It is concluded that the only sensible role for the PJT is to reduce inflationary expectations when the underlying causes of inflation are no longer present. There is little or no evidence that the PJT has been successful in this regard. An examination of the PJT's decisions indicate many inconsistencies with those of other government bodies and with optimal resource allocation. The PJT owes its continued existence almost completely to political factors.
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