Moreover, the direction and size of the effect of any such changes on the non-distortive inflation rate is not a priori clear. It needs to be thoroughly examined and conclusively proven. Journal of Economics, vol. 127 (3), 2012, pp. 1469–1513.
A similar recommendation has been put forward by IMF staff, see O. Blanchard, G. Dell’ Ariccia and P. Mauro, “Rethinking Macroeconomic Policy”, IMF Staff Position Note, SPN/10/03, 2010. An example of an endorsement of this proposal by financial market participants is provided in M. Pradhan, The Global Monetary Analyst: Debt Dominance, Mandates and the Impossible Puzzle, Morgan Stanley Research, 31 October 2012.