The gathering storm

Luděk Niedermayer

Often described as the ‘Great Moderation’, the stable economic and financial climate that lasted for more than a decade (until interrupted by the 2008 crisis) created a favourable working environment for central banks. A stress-free environment in most countries, combined with major improvements in the tools used by central banks in monetary policy analysis (especially based on macro models) supported transparency in a crucial part of central banks’ activity: monetary policy. So it was

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