These views seem to us to be very short-sighted - in essence, they boil down to the view that the best way to manage an expansion is to keep interest rates at their low point for as long as possible, and only raise them when things have gone off-track.
We think that if we did this, we would look back in a few years’ time and regret it, even though we might have been more popular in the short run. We also think that this approach fails to recognise just how expansionary the stance of monetary policy was in 1999.