See also Feiveson and others (2020) for a discussion of distributional considerations and monetary policy. 26 Italics added for emphasis. 25  - 14 and, potentially, on available policy space.
In order to offset this downward bias, our new framework recognizes that monetary policy during economic expansions needs to “aim to achieve inflation moderately above 2 percent for some time.” In other words, the aim to achieve symmetric outcomes for inflation (as would be the case under flexible inflation targeting in the absence of the ELB constraint) requires an asymmetric monetary policy reaction function in a low r* world with binding ELB constraints in economic downturns.