But an intriguing alternative is to set a target for the price level. If a disturbance results in a period of inflation, under a zero inflation target, the objective is to return to a zero inflation rate. When inflation has been returned to zero, however, the price level will be higher than it was before the disturbance.
Chang Yong Rhee: Review on Inflation Targeting Operations Keynote speech by Mr Chang Yong Rhee, Governor of the Bank of Korea, at the press conference after "Review on Inflation Targeting Operations", Seoul, 20 December 2022.