There is considerable research under way at the Board in an effort to find specifications and parameters for rules which achieve an efficient balancing of inflation and output variability and provide guidance about patterns and aggressiveness of interest rate adjustments consistent with the stabilizing properties of high-performing rules. II.
It will be in place for a period of time. This is a package, and the concept of a package is that you can’t move it every two weeks. The package has to be stable, and we have to be predictable. So if we start saying that we can modify some elements or some parameters within it, we start to undermine its effectiveness.