If the central bank persists in this policy, the only result will be a price-inflation spiral, with no positive impact on growth. If the economy embarks in such a path, bringing back inflation will require a substantial tightening of monetary policy that will produce a substantial output loss.
This is the experience of the monetary reactions to the oil shocks of the 1970s, in particular in the US, with the Volcker disinflation of the early 1980s, but also in many European countries.