This applies to issues as diverse as liquidity regulation or the optimal design of some of our monetary policy instruments, such as the Outright Monetary Transactions. [14] All of this is work in progress. Ultimately, the success of policy will always depend on the quality of our models, and the efforts we invest in keeping them up-to-date.
And we´ll always benefit from drawing from a portfolio of models and comparing their different answers to our questions. Models are not there to tell the truth, but to help structure the conversation on policies and identify key assumptions.