Moreover, the lack of a credible fiscal policy was one of the factors that seemed to hinder the Bank's ability to achieve the monetary conditions that it desired at certain points in the early- to mid-1990s. Thus, the stabilizing properties of monetary policy were not able to fully work at that time.
While this kind of commitment was entirely appropriate at the zero lower bound, as policy eventually normalizes, guidance will necessarily take a different form; it will be both more qualitative as well as less deterministic.