For PLT or nominal GDP level targeting to be effective, the expectations channel has to work in practice the way it does in theory.
This requires that people be forward-looking, fully conversant with the implications of the  4  See C. Evans, “Monetary Policy in a Low-Inflation Environment: Developing a State-Contingent Price-Level Target”, Remarks delivered to the Federal Reserve Bank of Boston's 55th Economic Conference, Boston, Mass: 16 October 2010.