I assure you that the debate over price level versus inflation targeting is about as exciting as central banking can get! I’m certainly not trying to resolve that debate today. In particular, I’ve not talked at all about the thorny and important question of how the FOMC should respond to past overshooting of its inflation target.
But I do think that the question of whether to target the inflation rate or the price level should be a subject for serious discussion among central bankers. Maximum employment I’ve argued that the low inflation rate is a signal that the FOMC is underperforming with respect to its maximum employment objective.