Batini, Nicoletta; Nelson, Edward - Federal Reserve Bank of St. Louis - 2005
underestimation of the importance of monetary policy in demand management until 1970; a failure to distinguish real and nominal … of inflation targeting in 1992 or central bank independence in 1997), we instead take a longer perspective, which … characterizes the favorable economic performance in the 1990s and 2000s as the culmination of an overhaul of macroeconomic policy …