Folks who have a vivid recollection of the Great Inflation of the 1970s must wonder why anyone would wish even a trace of that upon future generations. Yet some economists seem willing to take that risk.
The idea that the Federal Reserve could "fix" things faster with a bit more inflation keeps popping up in academic circles, which is probably where it should remain.
In December 2008, as the financial crisis started to claim its victims, Harvard University economist Kenneth Rogoff teed up the "inflation option" as one of many to be used by policy makers.