The Capstone team will explore the various implicit or explicit inflation targeting approaches to monetary policy that central banks have adopted, with a focus on how these approaches have fared and responded to periods of low inflation. The team will first identify inflation-targeting central banks that have responded to periods of low inflation and will review the policy benefits and trade-offs underlying the central bank’s inflation targeting regime choice. The team will detail the structure of each central bank’s inflation targeting approach and review each country’s inflation performance over the period in which the inflation targeting regime was adopted, focusing on periods in which the central bank was responding to inflation that was below target. The team will then review how the central banks responded to persistently low inflation, including the range of tools used to adjust each central bank’s policy stance. The team will try to classify central banks by their responses to low inflation, and discuss what can be learned from the various approaches to responding to below-target inflation.