Some academics 8 have suggested higher inflation targets, given that central banks have reached the zero lower bound (ZLB) in response to the crisis, and they see the need for further expansionary impulses, and more generally the need for a greater distance from the ZLB.
As The Economist once wrote, "Asking a central banker to accept higher inflation may seem like asking a cardinal to accept more sin". But on a more serious note, the issue is about the relative merits of low inflation versus having more monetary policy leeway in times of crisis. I believe that increasing central banks’ inflation targets would be to draw the wrong conclusion.