A final component of the strategy, in my view, should be that policy should tighten further - above and beyond what is presumed to be necessary to slow the economy to trend - to the extent that efforts to stabilize the output gap fall short.
For example, let us assume that growth ultimately moves to trend but, in the interim, the continued above-trend growth increases the output gap still further. In response, policy should tighten incrementally, encouraging below trend-growth and hence unwinding the further increase in the output gap.