We do not have to look very far to see examples of this over the past few years. So if very high is bad, and very low is bad, is there not a happy medium somewhere? Is this how we would recognise good monetary policy in a healthy economy? The answer is yes - that is certainly part of the story, but only part.
I would now like to go on and tell the rest. BIS Review 47/2002  1  Twenty or thirty years ago if we had asked my simple question, the answer would have been something like the following.