Peden,
1. There’s not going to be much evidence (at least statistically significant evidence) regarding this issue so I think the lack of evidence is not a valid argument.
2. Hysteresis can be pretty long lasting so that argues for a higher NDGP target.
3. Fundamentally I think you can posit that regardless of hysteresis, financial asset prices are less sticky than wages and therefore a high target will lead to more rapid adjustment.