According to Reifschneider and Williams:Overall, these results suggest that macroeconomic stability would likely deteriorate somewhat if the target rate of inflation were to fall below 1 or 2 percent... Under these conditions, the zero bound gives rise to a trade-off between the average rate of inflation and the variability of output; however, there is no significant trade-off between the average rate of inflation and inflation variability, at least for the range of inflation targets considered here (p. 956).