NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Should Central Banks Raise their Inflation Targets? Some Relevant Issues

Bennett T. McCallum

NBER Working Paper No. 17005
Issued in May 2011

---- Acknowledgments ----

This paper was presented at the Federal Reserve Bank of Boston Conference "Revisiting Monetary Policy in a Low Inflation Environment," held October 14-15, 2010, in Boston. For helpful discussion and comments, I am indebted to Marvin Goodfriend, Joseph Gagnon, Edward Nelson, and Julio Rotemberg. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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