While many of his predictions proved to be correct, there is still much debate about the interaction of monetary policy and price stability, the practical implementation of these policies, and appropriate policy instruments. It is clear that the core focus of central banks has changed.
This posed a challenge to risk modeling as present values depend in a complex way on market factors like interest rates or exchange rates. Therefore, it is not surprising that the growth of credit trade was accompanied by rapid technological progress, for instance, by the development of new credit portfolio models.