On the other hand, to argue that output gaps are very difficult to measure in real time is not the same as arguing that economic slack does not influence inflation; indeed, the bulk of the evidence suggests that there is a relationship, albeit one that may be less pronounced than in the past.
Expansion of quantitative and qualitative monetary easing (QQE)  At the Monetary Policy Meeting held on October 31, 2014, the Policy Board decided to expand QQE. As I cast a dissenting vote on this decision, I may be in a delicate position to talk about this policy change. I will therefore provide my views to the best possible extent.