;  •  what are the risks that inflation expectations will fall further? How can inflation expectations best be raised when policy rates are already low, household indebtedness is high and households and firms are reluctant to borrow more? ;  •  how reliable are the central bank’s estimates of the output gap?
How flat has the Phillips Curve become and how much has the neutral interest rate fallen? ; and  •  how should fiscal policy support monetary policy? Monetary policy decisions are influenced by assessments of such questions based on research, modelling and scenario analysis.