There is an easy step officials at the Federal Reserve could take to improve their ability to fight the next recession, but policymakers are deeply reluctant to go there: raising the central bank’s 2% inflation target.
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One simple action the Fed refuses to take could make its policies a lot more powerful
The Federal Reserve has been missing its 2% inflation target for many years. Some prominent economists think officials should aim higher.
Jason Furman, former Chairman of the Council of Economic Advisors
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It calls for the appointment of a "diverse and representative blue ribbon commission with expertise, integrity, and transparency to evaluate and expeditiously recommend a path forward on these questions."
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