estimations, that the ECB has been either more averse to inflation above 2% ceiling or that the de facto inflation aim has been … considerably below 2%. Our results suggest further that an inflation aim of 2% combined with asymmetry is a plausible specification …

too-low inflation. The experience of the Bank of Japan's encounter with the zero lower bound suggests important benefits … from a clear definition of price stability as a symmetric 2% goal for inflation, which the Bank adopted in 2013. …