What You Need to Read Today: Reading Reihan Salam's "Why I signed up for Obamacare": Hoisted from My Archives

Should-Read: IGM Forum seems to me to be asking some of the wrong questions.

IGM Forum: Inflation Target http://www.igmchicago.org/surveys/inflation-target:

Inflation Target IGM Forum

First, they are not questions the respondents are asked to answer: they are statements with which the respondents are asked to agree or disagree.

Second, the first question should be: "If the Fed changed its inflation target from 2% to 4%, the long-run costs of inflation for households would not rise by an amount significant when weighed in the balance against the costs of the Fed's being unable to lower interest rates to Wicksellian neutral in a recession."