However, most of our stabilization efforts were directed at keeping the payments system functioning and markets open. The concern over the possible fallout on economic activity from so sharp a stock price decline kept us easing into early 1988. But the economy weathered that shock reasonably well, and our easing extended perhaps longer than hindsight has indicated was necessary.
We hope that all economic agents will plan their business activities on the basis of this assurance. Lessons from the crisis The crisis is by no means over. Drawing lessons may therefore appear a bit premature. There may yet be surprises.