The typical methodology of economic theory is first to consider a frictionless benchmark, corresponding for instance to a long-run steady state equilibrium, and then enrich it with frictions. While this is understandable from a methodological point of view, this approach can easily imply a neglect of the short and medium-term dynamics, drastic adjustments and complexities that are important for central banks.
While the survey revealed that 45 per cent of the respondents are still in the assessment phase, there has been no negative reaction in the marketplace or in the public press to the information.