In fact, it is the very precondition for avoiding the dangers of over-steering, of accidentally destabilising the economy. Of course, the thought experiments that I have been sharing with you so far are only as useful as the rules or the optimality benchmarks with which real-world behaviour has been compared.
And I am certainly not the only one here who believes that simple reaction rules – or monetary policy optimality exercises, for that matter – cannot serve as the ultimate test for actual policy behaviour. But I hope I have conveyed one notion.