What is lacking, however, is the courage  2  BIS central bankers’ speeches  to execute and bring these ideas to fruition. Going forward, IIMs have to work towards narrowing this courage gap that exists in the society. Ideas and policies to put India’s growth back on sustainable path 12.
In this respect, if we take a medium- to long-term view, and we agree that over those horizons money cannot affect potential output (the Phillips curve is vertical), then the different mandate should not be relevant.