That is, would making the p* in the Taylor rule explicit inevitably also lead to a change in the relative responses to deviations from the output and inflation targets (the c and d parameters in equation 2)? Specifically, would implementing an explicit inflation target inevitably also raise the response parameter on the inflation gap relative to that on the output gap?
In my view, the answer is that this need not be the case, but I agree that there is some risk of this outcome. It seems to me, however, that it is less likely if the move to an explicit inflation target is taken in the context of a reaffirmation of the dual mandate.