Binyamin Applebaumâ€™s piece on the growing acknowledgment that moderate inflation can help, especially under current circumstances. But I canâ€™t help thinking, only now they notice? I mean, this was all worked out and carefully explained fifteen years ago.
Oh, and the hard thing now is how you get inflation when weâ€™re already at the zero lower bound. You really want this tied to expansionary fiscal policy, not austerity.
Still, any intellectual forward motion is welcome.