What are the lessons for people outside central banks?

1. If you live in Sweden, for example, don't pay any attention to the Riksbank's forecasts. Pay attention to what the Riksbank says. Inflation is actually going to stay low - zero for a long time would be a good forecast I think - and the Riksbank is trapped in the hole that it dug for itself.
2. If the central bank starts using words like "Fisher effect," pay attention. This central bank means business.
3. Once stuck at the ZLB or ELB, there's nothing for the central bank to do. That's what I mean by "the end of central banking." Central banks can purchase all the assets they want - that's not important. What matters is the central bank's nominal interest rate policy target, and the rule for setting it.
4. Beware of other "tools" that people might think up. A recent one is "helicopter drops." More about that later.
5. Beware of changes in central bank objectives masquerading as changes in tools - e.g. nominal GDP targeting, price level targeting, or a higher inflation targets (4% for example). It's typically an orthodox economist or central banker projecting those ideas, which will similarly imply a path to ELB, or sticking there, if that state has already been attained.
6. Don't panic. Zero or negative inflation actually is OK. If someone tries to tell you about the black hole of deflation, plug your ears and start humming.
7. What is not OK is for people to continue to anticipate 2% inflation that a central bank promising but incapable of delivering. Again, for long-range planning purposes, think zero inflation indefinitely.
8. If you're an economist, pay attention to what your models are actually predicting, unless your model is straightforward IS/LM - Phillips curve. In that case, you need to learn some more economics. Standard off-the-shelf monetary models essentially all exhibit a neo-Fisherian effect. That's nothing special. The Fisher effect is important. Typically increases in nominal interest rates lead to increases in inflation. Orthodox people - particularly the ones with some technical facility - can think up examples where they think this doesn't happen. Don't buy it though. If they persist, you can always plug your ears and start humming.
9. For a non-interventionist, the low-inflation policy trap is a wonderful thing (John Cochrane, for example, seems to be fine with it). The interventionist orthodox central banker, in the process of trying to "do all it takes," sows the seeds of his or her own destruction, and becomes powerless. No high inflation, no hyperinflation, only low inflation - and inflation might be fairly stable. In the course of committing policy hara kiri, the orthodox central banker imposes some transition costs, but the steady state ain't so bad.

So, if you're confused, worried, or feeling like you haven't learned anything about how monetary policy works, there's no good reason for that. Cheer up.

Addendum: More othrodox central banking. Here's what Draghi said today:

We are very conscious, and wish interest rates could go up again, but this is not the case now. I don’t think anybody is thinking about changing policies, but if we were to change, it will lengthen the timing of inflation reaching 2%.