Of course, given the exceptionally high rate of growth in output per hour over the past two years, some combination of short-term and longer-term productivity-enhancing forces seems likely to have been at work.
On the other hand, accommodative monetary policy may encourage the build-up of leverage or raise the volatility of asset prices. Hence, monetary policy actions should always be proportional. Similarly, monetary policy tightening can either decrease or increase risks concerning financial stability.