At the level of each bank, choices must be made today so that you can maximize competitive advantages that you expect will be your strength in the future. At the level of the industry, this requires an unwavering commitment to continuing education, to appreciate nuances without losing sight of the overall policy agenda of institutionalizing change that can strengthen the system and its institutions.
Although such a policy performs well under ideal conditions, it may well produce markedly sub-optimal outcomes given the inevitable uncertainties associated with estimating the output gap in real time. The latter is what happened during the Great Inflation.