The economic theory of Kydland and Prescott regarding time inconsistency in employing a policy seems a relevant reference point with respect to the choice of policy regime which we have instituted ex-ante. We cannot simply alter our capital account regime to become more closed without precipitating a loss of credibility.
From the structuralist perspective, monetary policy makers have little option other than to accommodate wage and price increases, as these increases are determined outside the monetary sphere - a conclusion that rationalized central banks' abdication of responsibility for inflation. Structuralists also promoted extensive indexation of wages and contracts as a way of minimizing unintended distributional consequences of the unavoidable inflation.