In the 1960s and 1970s, many economists subscribed to the view, which was also supported by a number of leading academic researchers at the time, that a permanent trade-off  BIS Review 24/2008  1  between inflation and unemployment existed, and that inflation was, to a large extent, driven by non-monetary factors outside the realm of monetary policy.
The share of the global population using the internet  has then grown over the last 20 years, from a mere 7 per cent to over  50 per cent, with many countries, and not only the most advanced, well above 90 per cent;  –  as a result, the digital economy is among the fastest growing sectors.