Summary
A majority of 600 economists surveyed in 2022 stated that they were satisfied with the prevailing inflation target.
Of these economists who were satisfied with the status quo, a majority expressed concern that changing the target would undermine the central bank’s credibility.
Among those in favor of changing the inflation target, a majority supported raising it. The median desired increase among these economists was 1%.
A non-negligible minority wanted to lower the inflation target.
Andrea Ferrero is Professor of Economics at the University of Oxford and the Levine Fellow in Economics at Trinity College Oxford.