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Actually, noticing that inflation and the quantity of dollars in the system have a non-linear interaction is the core of his point if I understand him correctly. He preaches de-emphasizing inflation in favor of NGDP, but this is not the same as saying that inflation should be higher. Rather, he says that NGDP and inflation are more orthogonal than previously thought.

I think some people would say that Paul Krugman might have helped out a bit, too.

http://krugman.blogs.nytimes.com/2013/10/27/the-economics-of...

A good overview of his viewpoint can be found here:

http://en.wikipedia.org/wiki/Market_monetarism