The unknown is how long the transition will last. Indeed, the recent pickup in some measures of wages suggests that the transition may already be running its course. If so, the important question from a monetary policy point of view is whether prospective labor market conditions will be consistent with the maintenance of satisfactory price performance.
There may be occasions when the wavelengths of markets or segments thereof and policy maker differ significantly and in such circumstances, the conduct of policy would presumably be more complex and difficult. Finally, the issue of transparency is extremely important.