To have a long slow one, it means that you occasionally have to be pre-emptive, at the first signs of things getting out of control you have to squeeze down.” Please excuse the inelegant phrasing - it was an “off the cuff” reply to a question from a Committee member.
But at least it shows that we have been consistent on this point since at least mid-1996. •  The second point is that if you have a very long expansion, it seems reasonable to me that it will include a number of phases of monetary policy.