Ben has a new gadget

 I propose and discuss a third possible alternative: a “temporary price-level target” that kicks in only during periods in which rates are constrained by the ZLB. I argue that the adoption of a temporary price-level target would be likely to improve economic performance, relative to the current framework. 

When we have a downturn, like a whole bunch of hurricanes hit or something like that.  He has a modification of his pit boss algorithm, a slight regime change when the going gets tough.  What's a price level target? I guess you basically skip the unemployment target thing? Dunno, if it is a god idea, send me a copy and I will run it in my two  color, sandbox compatible trading pit, test it. We can learn to bet the regime change.