Brad Delong and Isabella Kaminska are against raising the inflation target as a response to secular stagnation. To recap. Larry Summers argued that currently the natural real rate is very low and may remain so for quite some time ahead. Other things equal, this is going to generate a low value for the nominal central bank interest rate required to hit a given inflation target. This leaves less room for rates to respond to further contractionary shocks, since starting out at this already low nominal interest rate 'steady state' [if that is the right word for it] means the ZLB is not far away. To make more room, to raise the low-frequency nominal interest rate, central banks or their finance ministry bosses could temporarily - or, as