- "Because New Zealand in 1988" - 3% is the limit before people notice I'd add: the recent experience shows that 1% is too low because undershoot leaves the c

- "Because New Zealand in 1988" - 3% is the limit before people notice I'd add: the recent experience shows that 1% is too low because undershoot leaves the central bank stuck on the zero-bound with no room to inject stimulus without acrobatics. Sounds like a range centred on 2% is current best practice. Anyone deliberately running hotter tends to run hotter than they intend. Any good counterexamples?