Dr. Gabriel Fagan:

If one is looking at the macro-economic impacts of different measures, there are model simulation results. There are actually people in the bank doing that sort of work and we are maybe going to publish a paper pretty soon which will compare the impacts of different instruments on the macro-economy. That is one thing. The other, of course, is that the macro-economic effect is just one component when one is judging a policy measure. The Deputy knows as an elected representative that one does not just consider the macro effect of a policy, but also the welfare considerations and considerations like equity. These are matters where political judgment comes into play which the Central Bank would not necessarily be in a position to contribute on. In terms of macro effects and simulations, we have done some work on that.