Let us not focus on the difficulties and complexities of change, rather let us take this opportunity to correct the mistakes done in the past, strengthen our fortress for growth and seize the chance for global convergence. 2  BIS Review 80/2005  I would like to congratulate the organizers of this event for this worthwhile endeavor.
18 Eggertsson and Woodford (2003) provide an early discussion of how optimal monetary policy at the ELB entails a commitment to reflate the price level during the subsequent economic expansion. Nessén and Vestin (2005) discuss the relationship between average inflation targeting and price-level targeting. There is a dearth of empirical evidence on strategies seeking to make up for inflation deviations.