Thus for example Martin Feldstein of Harvard University (and current president of the National Bureau of Economic Research in the US) argues strongly that even very low levels of inflation significantly exacerbate the biases in the tax system which encourage consumption, discourage saving, and encourage excessive investment in residential property.
In a recent paper he argued that reducing measured inflation from 3 percent to 1 percent in the United States would result in a permanent increase in the level of US GDP of 1 percent, a very large gain in economic well-being even if there is some temporary loss of output required to reduce inflation to that level.