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Must-Read: David Beckworth: It Takes A Regime Shift to Raise an Economy - Washington Center for Equitable Growth

So Bernanke wants the Fed to keep its inflation target of 2% and complement it with more aggressive use of fiscal policy…. What could possibly go wrong? A lot, actually…. Fiscal policy would [only] have had 60 basis points [of inflation] on average with which to work over the past six years in closing the output gap. Do we really think that would be enough for the level of aggregate demand shortfall experienced over this time? What was needed was a monetary policy regime shift… a permanent increases in the non-sterilized portion of the monetary base to spur rapid growth in total dollar spending. It was never going to happen with a 2% inflation target…. To get the kind of robust aggregate demand growth needed to close the output gap back in 2010, there needed to be a sustained (but ultimately temporary) period of higher-than-normal inflation…
#David-Beckworth - equitablegrowth.org