BIS Review 58/2007  1  Thus, the current theoretical consensus model is markedly different to the original one. Based on solid microfoundations and rational expectations, the New Keynesian Phillips Curve (NKPC) has taken up the fierce criticism of New Classical economists. Emphasising, however, stickiness of prices or information still delivers Keynesian features and allows for real effects of monetary policy in the shortrun.
I know that they are conscious that procedures they may have recommended some years ago may no longer be appropriate, given the changes in technology. And of course technology continues to challenge both our systems operators and our auditors, as the threats to the security of our data and communications increase.