We reformulate the standard New Keynesian model to include heterogeneity in price stickiness suggested by microevidence on price changes and to allow for positive trend inflation. In the new model, higher trend inflation leads to a relatively greater long-run output loss and, consequently, a smaller determinacy region than in the standard model. When trend inflation is 4%, the determinacy region of the new model is almost nonexistent, cautioning against increasing the inflation target to 4% as a means to avoid the zero lower bound in the future and pointing to the costs that high inflation may have had in the past.

中文翻译：

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反对 4% 通胀目标的案例

我们重新制定了标准的新凯恩斯主义模型，以包括价格变化的微观证据表明的价格粘性的异质性，并允许正趋势通胀。在新模型中，较高的趋势通胀导致相对较大的长期产出损失，因此，与标准模型相比，确定性区域更小。当趋势通胀为 4% 时，新模型的确定性区域几乎不存在，警告不要将通胀目标提高到 4% 作为避免未来零下限的手段，并指出高通胀可能带来的成本在过去。