Since economic theory teaches us that price rigidity is a big factor supporting the short-term effectiveness of monetary policy, lower menu costs might have a large impact on the effectiveness of monetary policy. The spread of e-commerce is only one aspect of the various influences of technological innovation, and as such innovation proceeds there will be many other new aspects to contend with.
The intrinsic difficulty regarding the conduct of monetary policy lies in our limited knowledge of economic prospects and mechanisms, and innovation in information technology and advances in globalization may further aggravate such difficulty. Under such circumstances, we should not suppress, by regulation, the development of technology and innovation in the market.