After a large contractionary supply shock, central banks would be required to run tighter monetary policy than under inflation targeting, which seems undesirable.21 There are several possible changes to inflation objectives and no consensus has emerged whether any would be desirable.
My suspicion is that the benefits of further refinements of the inflation objective are small in practice and the potential difficulties arising from a change of the objective substantial. I would therefore not expect widespread redefinitions of inflation objectives in the near future, although of course individual central banks may decide to do so.