Business cycles have been damped since the early 1980s, and inflation has been low and steady in the United States and many other industrial economies for some time. As I just noted, this pattern has persisted through the past few years despite several major shocks, from the bursting of the tech stock bubble through the terrorist attacks.
Stable economic environments encourage innovation; indeed fostering a stable economic environment is an important way in which central banks can contribute to public welfare. I do not anticipate any break in the pattern of generally favorable economic performance over coming years. Most economic forecasts are for moderate growth and low inflation in the United States for the foreseeable future.