Krugman Wants To Lock-In 4% To 5% Price Inflation

Yup.

The man wants the Fed to target in that range. Your daily dose of madness from NYT's economist:

... the truth is that recent experience has made an overwhelming case for the proposition that the 2 percent or so implicit target prior to the Great Recession was too low, that 4 or 5 percent would be much better...The thing is, if we’re going to lock in a formal inflation target, now would be a good time to get it right, instead of waiting until the memory of the crisis fades and everyone gets complacent again.
Krugman is clearly not aware, but price inflation is soon headed for more than 5%, what is he going to call for then?

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