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this whole article is depressing. instead of rethinking the entire construct of modern macro, inflation targeting, expectations, phillips curves, etc. it's like what if we just do the same but better. wsj.com/articles/low-i…
making inflation a goal and not a byproduct of good policy is absurd. "we need higher prices!". no. we need better policy that, as a result, would lead to modestly increasing prices because the economy is healthy.
I challenge the Fed to find one household that will change their behavior in such a way that negatively impacts the economy because they expect lower inflation in the future 
expectations are garbage
expectations are garbage
lower long term interest rates are negatively correlated with investment. thinking lower interest rates in and of themselves increase investment is delusional. better overall policy raises rates and investment.
