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Sources of Financial Instability: Challenges for Monetary and Fiscal Policy | Claudio Borio

Hidden Forces

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The Stagflationary Period of the Nineties

I think the stagflationary period of the 19 seventies is more important and less remembered than most any other period in recent memory. And i think one example of that is the impact it had on policy maker's focus, maniacal focus, if you really think about it, on inflation targeting. In fact, what you're suggesting, and through your work as well, is that the low inflation led central bankers to keeping interest rates low because they were worried about deflation was actually a mistake. It could have been a meanness toever had to back up.

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