A Case against a 4% Inflation Target
在新凯恩斯模型中引入价格粘性异质性和正趋势通胀后发现，4%的趋势通胀几乎导致模型失去确定性区域，警示提高通胀目标至4%以规避零下限的代价。
Abstract We reformulate the standard New Keynesian model to include heterogeneity in price stickiness suggested by microevidence on price changes and to allow for positive trend inflation. In the new model, higher trend inflation leads to a relatively greater long‐run output loss and, consequently, a smaller determinacy region than in the standard model. When trend inflation is 4%, the determinacy region of the new model is almost nonexistent, cautioning against increasing the inflation target to 4% as a means to avoid the zero lower bound in the future and pointing to the costs that high inflation may have had in the past.