. >> hi, i'm michael fineberg. thank you very much. you mentioned in y the dangers of deflags from the great depression and more recently in japan. one of the maintaining a target inflation rate above zero to to provide a cushion about the possibility of deflation. in the united states there's been a fear of deflation causing the fed to keep monetary policy very accommodative in the beginning of the last decade and more so at this point. do you know that 2% is enough of sh inflation target rates? thank you. >> that's a great question. and there's been a lot of research on it. it seems like the international consensus isre 2%. almost all central banks that have a target either have a 2% target or a 1% to 3% target or something like that. here. on the one hand, you want to have it above 0% in order to avoid or reduce deflation risk. 's on the other hand, if going to create problems where it's going to make the economy less efficient. there's a tradeoff. what level level of inflation gives you some reasonable buffer against deflation but