Such strategies include targeting average inflation over a multiyear period and price-level targeting, in which policymakers seek to stabilize the price level around a constant growth path. 17 These strategies could be implemented either permanently or as a temporary response to extraordinary circumstances.
For example, the central bank could commit, at the time when the policy rate reaches the ELB, to maintain the policy rate at this level until inflation over the ELB period has, on  16  These risks could be exacerbated if households and businesses expect monetary policy to be insufficiently accommodative because of proximity to the ELB.