4 As I will discuss, we must be wary of macroeconomic policies that – in the name of stability – may have the effect of lowering trend growth and employment rates. In Moynihan's framework, will we in the official sector be accepting of periods of significant financial and economic distress, however infrequent?
That is, will deviancy be defined down with the understanding that a rare crisis is the price for dynamic, robust economic growth? Or will the official sector say, "Never again – not on our watch," and become less tolerant of deviations in economic and financial conditions?