The choice is between which mistake is easier to correct: underdoing it or overdoing it.
MistakeChoiceBetweenEasierWhich
Monetary policy itself cannot sensibly be directed at reducing imbalances.
PolicyCannotMonetary PolicyItself
The plausible outcomes range from the gradual and benign to the more precipitous and damaging.
MoreRangeOutcomesBenignPlausible
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