One may wonder what would have happened to the global economy had this policy framework been implemented in due time. Such a counterfactual scenario has been studied by Catte et al.
Furthermore, from a welfare perspective, the distributional impacts of high and variable inflation are such that it is generally the poor that are hardest hit by inflation as they are the least able to protect themselves or hedge against this. It is sometimes argued that by focusing on inflation we are not concerned about growth.