The Corner

Economy & Business

The Three Percent Non-Solution

The Fed is officially committed to achieving an average inflation rate of 2 percent. Some economists say the target should be raised to 3. George Selgin considers the arguments for it and says no.

David Beckworth and I considered a similar idea and came to the same conclusion in NR a few years ago.

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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