Planning in the face of such uncertainty is a great challenge, but it is vital to ensure that our society is able to continue to function effectively in times of considerable disruption. From the perspective of the Reserve Bank, organisational preparedness means both business continuity considerations for the Bank itself, as well as working to maintain economic stability.
This kind of cooperation seems different from the way it is treated in theoretical models, where cooperation takes the form of policy-makers agreeing on a configuration of policies to maximise global welfare.14 I do not think this difference matters.