For example, most economists now agree that the natural unemployment rate shifted upward in the late 1960s and that potential output growth shifted downward after 1970.
However, perhaps because these shifts were not generally recognized until much later, monetary policy in the 1970s seems to have been aimed at unsustainable levels of output and employment, and hence policymakers may have unwittingly contributed to a series of boom-bust cycles as well as accelerating inflation that reached double digits by the end of the decade.