The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound?

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Escaping the Great Recession (2017, neutral): “Coibion, Gorodnichenko, and Wieland (2012) study the optimal inflation target in a new-Keynesian model in which the policy rate occasionally gets constrained by the zero lower bound.”
Who Benefits from State Corporate Tax Cuts? A Local Labor Markets Approach with Heterogeneous Firms (2016, positive): “, Coibion et al. (2012); Arkolakis et al. (2013)) in order to obtain local labor demand elasticities that are similar to those used in the labor literature (Hamermesh, 1993).”
Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, background): “) One reason is that the welfare costs of such episodes are low (Coibion et al., 2012).”
The Case for a Long-Run Inflation Target of Four Percent (2014, background): “Others, such as Reifschneider and Williams (2000) and Coibion et al (2012), find that zero-bound episodes occur with some frequency, but the welfare costs are small.1 I am dubious of these results because they conflict with the historical evidence on the zero bound.”