I will argue that under some conditions the central bank can regain control of private expectations without necessarily changing interest rates, but by being visibly and credibly “alert”, explaining and stressing its commitment to maintaining inflation at levels consistent with the price stability objective.
The threat to act will be more effective the more credible the central bank has been over time in actually delivering price stability, as defined quantitatively. The paradox would be that this policy of a priori “reinforced alertness” would make the central bank appear ex post less “activist” in terms of changes to the policy rate.