It is not clear that central banks could readily increase inflation to these levels and attempting to do so would further stimulate asset markets, at least in the short run. Raising an inflation target when productivity growth is weak makes little economic sense. Some have suggested that the inflation goal should be specified in terms of core inflation rather than headline CPI inflation.
This was particularly acute in the United States, where there was a rapid expansion in the development of complex financial securities, which later proved to entail substantial risks.