"Institutional Overburdening" to a large extent was a consequence of the "Great Moderation". This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It...

Over decades, if not centuries, the reputation of central banks has gone through ups and downs. The Great Moderation marked a period in which inflation came down from rather high levels. Growth and employment were at least satisfying and output variability declined substantially. Was this...