Can Inflation Be Too Low?
分析通胀过低如何通过与向下名义刚性相互作用导致资源配置低效，降低就业水平并增加其波动性，从而论证维持一个稳定的低正通胀率可能优于零通胀目标。
Price stability has become the predominant goal for monetary policy. Should the aim be zero inflation or could inflation be too low making it better to strive for a stable (low) positive rate of inflation? This paper analyses why inflation may interact with downward nominal rigidities so as to imply inefficiencies in resource allocation at low rates of inflation. The higher the rate of inflation, the lower the likelihood that downward nominal rigidities are binding (the Tobin argument) and this may cause a non‐linear Phillips curve. Inflation can be too low in the sense that the employment level is reduced and its volatility increased.