In shameless imitation of Greg Mankiw’s Pigou Club I announce the creation of the 4% Club, hereafter defined as:
An elite group of economists, pundits, and politicians with the good sense to advocate that the Federal Reserve adopt an explicit inflation target above the 2% level.
In an effort to create a big tent, those advocating targets other than 4% are eligible for consideration as well as general proponents of quantitative easing:
Nominations are open in the comments
Note: I am no longer regularly checking the comments but I am adding new names as I discover them. I hope this list can serve as a resource for journalist or policy folks looking for a sampling of the arguments for moderately high inflation. Such arguments are of course a staple of this blog as well.
Newly Inducted Members
Tom Gallagher Probationary Status