Reality is inevitably more messy than that and has not always been kind to such fine-tuning notions. As it is, some observers think monetary policy has done too little, while others think it already has done way too much. I think it has been about right for the circumstances.
See Lowe P (2019), ‘Unconventional Monetary Policy: Some Lessons from Overseas’, Address to Australian Business Economists Dinner, 26 November. Available at: <https://www.rba.gov.au/speeches/2019/sp-gov-2019-11-26.html>. The materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the Copyright and Disclaimer Notice. © Reserve Bank of Australia, 2001–2020. All rights reserved.