The article discusses how central banks decide on the best way to target inflation rates. They explore how different time periods for measuring inflation affect monetary policy decisions. When central banks focus only on inflation, they tend to be more aggressive in their policies. However, when they also consider stabilizing the economy, they take a more cautious approach. Looking at inflation over a longer period can lead to more stable economic output. The study also looks at how inflation targeting can essentially become price level targeting under certain conditions.