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Pill: Not Convinced Of Arguments For Higher Infl Target

BOE

Final Q of MNI Connect event for BoE's Pill: View on higher than 2% inflation target?

  • A: 1) Not my problem! Treasury sets target.
  • 2) May be deep reasons to think about, is 2.5% better than 2.0%? Measurement biases, risks of hitting lower bound etc.
  • If you think those are important, shifting the inflation target up when inflation is very high would be dangerous - it might look very opportunistic and could de-anchor long-term inflation expectations.
  • 3) Personally am not fully convinced. If we believe QE can provide support at lower bound - which Pill does to some extent - then arguments about lower bound are weaker than in the past.
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