I hope my response has provided a good workout in return. I look forward to continuing the debate and especially the friendship for many years to come. 7  As evidence of asymmetry, observers often cite Claudio E.V. Borio and Philip Lowe (2004), "Securing Sustainable Price Stability: Should Credit Come Back from the Wilderness?" Bank for International Settlements Working Paper 157 (Basel: BIS, July).
The authors purport to show that the federal funds rate was unusually low during the headwinds period of the early 1990s but not correspondingly high before the onset of the 1990 recession. But their assessment is made in relation to the Taylor rule, which is not a particularly good description of monetary policy during this period of opportunistic disinflation.