15  For a discussion of these effects, see Dave Reifschneider, William Wascher, and David Wilcox (2015), “Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy,” IMF Economic Review advance online publication, March 17, doi: 10.1057/imfer.2015.1.
8  BIS central bankers’ speeches  be reversed in a tight labor market, yielding long-term benefits associated with a more productive economy. That said, the quantitative importance of these supply-side mechanisms are difficult to establish, and the relevant research on this point is quite limited. Of course, taking a gradualist approach is not without risks.