As monetary conditions were relaxed and tightened discretionarily with such a bias over a number of business cycles, inflation, both actual and expected, began to creep up quite noticeably. It became evident that higher inflation was not contributing to higher growth or employment.
[1] I would like to thank my Central Bank colleagues who contributed to my remarks across the range of topics. LeBlanc, J., & Lydon. R., 2019 “Indebtedness and spending: What happens when the music stops?”, Central Bank of Ireland, Research Technical Paper, Vol 2019 No. 14. Ibid, page 30. Ibid, page 3.