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Is it Time for Price-Level Targeting?

This paper summarises arguments for and against a shift by central banks from inflation targeting to price-level targeting. It concludes that the weight of the evidence favours a shift. One of the advantages of price-level targeting is its superior macroeconomic performance when short-term nominal interest rates are close to zero. Since this is the current situation facing many central banks, it may also be politically opportune to consider such a switch.