The Brad DeLong - Bennet McCallum Debate

Over at The Economist there is an interesting debate taking place between Brad DeLong and Bennet McCallum. They are responding to the following statement: this house believes that a 2% inflation target is too low. The idea behind this statement is that with a higher inflation rate the targeted short-term nominal interest rate would be higher and thus less likely to hit the 0% bound. Brad DeLong