If successful, in either scenario, the payoff from monetary restraint will be both to contain the risk of higher inflation and to extend the life of this remarkable expansion. BIS Review 48/2000  6  Several considerations provide some optimism that the outcome will be a benign one - a soft as opposed to a hard landing.
Also here, we need to think of the interaction as a two-way street. On the one hand, central banks have a lot to learn from consumers. For instance, consumers form inflation expectations that can tell us to what extent the central bank’s inflation aim is perceived to be credible.