From 1889 to 1995, the duration of the periods shown in the figures is ten to twenty-eight years, averaging about twenty-one years; leaving out the one short period, 1917 to 1927, the average duration of the other periods is twenty-four years.
4  King, M.: Comments on ‘Risk and Uncertainty in Monetary Policy’ by Alan Greenspan, AEA Annual Conference, 2004, p. 3. 2  BIS Review 39/2005  You may have realised that by now, I have already presented a number of arguments which favour caution rather than boldness as the adequate approach to monetary policymaking.