As a result, my guess is that if we avoid the boom-bust scenario, we shall have avoided the most serious of the other imbalances or at least will be in a better position to absorb and respond to the unwinding of other possible imbalances.
That leaves the possibility that there might be cases when we face market/sector imbalances in the absence of any aggregate demand/supply imbalance. In such a case, the level and growth of output are sustainable in the sense that they are not putting pressure on inflation; but this aggregate balance might be threatened subsequently by a spontaneous unwinding of a market/sector imbalance.