With a more effective implementation of the theory of rational expectations within modern communities, this limited period has indeed become very short. Another reason why the conventional theory of demand management through the application of monetary policy is no longer appropriate is the major shift that took place in recent years in macroeconomic management, away from conventional Keynesian demand management to contemporary supply-side economics.
What is crucial in this situation is not to hinder these positive developments. To this end, I think that it is important that the Bank continues to pursue powerful monetary easing under the current framework for monetary policy.