17  See Deutsche Bundesbank, Price-level targeting as a monetary policy strategy, Monthly Report, January 2010, pp 31–45; C Gerberding, R Gerke and F Hammermann (2010), Price-level targeting when there is pricelevel drift, Deutsche Bundesbank Research Centre, Discussion paper, Series 1, No 23/2010.
4  BIS central bankers’ speeches  of unconventional measures during the crisis give no cause for viewing the lower bound of the interest rate as a binding restriction on the effectiveness of monetary policy. 3.