The correction of macroeconomic imbalances will be orderly if, and only if, macroeconomic policy-makers retain a medium-term to long-term focus. In particular, the prevention of future crises needs to receive at least as much attention as short-term crisis management. In addition, all monetary and fiscal policies need to remain committed to their respective medium-term objectives, i.e. price stability and sound public finances.
See Bureau of Labor Statistics, “Labor Force Participation,” webpage, https://www.bls.gov/bls/cps_fact_sheets/lfp_mock.htm (accessed February 17, 2017). 4 Confidence intervals around statistical estimates of the natural rate are routinely estimated to be quite wide, reflecting both uncertainty about the correct model specification as well as uncertainty about the parameter estimates given the model.