The study looked at different ways the European Central Bank can adjust its policies when interest rates are low. They used a model to see which strategy works best when the economy is struggling. They found that targeting the price level is the most effective way to stabilize inflation and output, and reduce the chances of hitting a limit on how low interest rates can go. Another good strategy is targeting the price level temporarily. Looking at past inflation rates also works well. These strategies work best when the central bank commits to keeping interest rates low for a long time and when people expect this to happen.