These data are therefore not to be taken as evidence of causal relationships. Movements in variables, especially in the most recent period, have been unusually sudden and affected by exceptional factors. The lags hypothesised by monetary policy are, as we know, long and variable, and there are countless omitted variables.
Of this evidence, we can only say with certainty that, rightly or wrongly, it has been used very little in more recent times. I am only showing it today to encourage better-founded and more in-depth analyses.