Of course, the way in which the Fed has run policy appears at this stage to have been remarkably sound: monetary policy decision-makers appear to have correctly judged that there was a step increase in the rate of growth of productivity around the mid-nineties, and that potential output growth had increased as a consequence.
But the main thing driving that step increase in the rate of growth of productivity was the application of some very sophisticated technology, initially in the manufacture of computers themselves and then, progressively, in much of the rest of the economy. Monetary policy did not impede that development, but of course did not create the new technology.