Kiley and Roberts (2017) study a strategy in which policymakers aim for inflation higher than 2 percent during normal times to compensate for below-target inflation during ELB episodes. See also Bernanke (2017) for a strategy in which low inflation is made up if it occurs when the federal funds rate is at or near the ELB.
The goal and strategy of monetary policy, its intermediate target as well as the monetary policy instruments must be harmonized with those of the ESCB. The OeNB initiated this development already several years ago in order to ensure as smooth a transition as possible for Austria’s financial system.