if its inflation
to the high side zero toleration
if its unemployment
to the high side toleration
no symmetry here at all
in fact no explicit UE rate target
or explicit time path to completion
NAIRU changes over time the experts claim
so opitmal UE rates change
well opitmal inflation targets change too
now with zero bound and huge pri sec debt load
the inflation target oughta be 5% at least
not 2%
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in fact the nairu and inflation rates oughta be closely yoked
7 % UE with 7% core inflation
why not ?
or
2% inflation 2% UE rate
