Narayana Kocherlakota, Columnist

The Fed Needs a Better Inflation Target

A higher goal, with more public support, would benefit the central bank and the economy.

June 9, 2017 at 10:00 AM UTC

Narayana Kocherlakota is a Bloomberg Opinion columnist. He is a professor of economics at the University of Rochester and was president of the Federal Reserve Bank of Minneapolis from 2009 to 2015.

Aim higher.
Photographer: Chip Somodevilla/Getty Images

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Today, a group of economists published a letter urging the U.S. Federal Reserve to consider a monumental change in policy: raising its target for inflation above the current 2 percent.

I signed the letter. Here's why.