Conclusion With the policy rate more likely to be constrained by the lower bound, the core challenge facing the current generation of central bankers is different than the last generation. The authors of the report emphasize the importance of deploying an expanded toolkit proactively, avoiding costly delays, and communicating clearly to the public.
The scenario and a list of possible risks given in the report have been useful in terms of both enriching discussion and improving external accountability by providing a common platform for subsequent discussions at Monetary Policy Meetings.