Eventually, however, the stagflation that marked the 1970s caused both the objective of policy and its implementation to be reassessed. Today, there is a widespread consensus among central bankers, and economists more generally, that price stability should be the overriding goal of monetary policy.
8  12  See Stevens G (2014), “Economic Conditions and Prospects”, Speech to the American Chamber of Commerce (Qld) AmCham iiNet Business Luncheon, Brisbane, 3 April; and Kulish M, C Kent and K Smith (2010), “Aging, Retirement, and Savings: A General Equilibrium Analysis”, The B.E. Journal of Macroeconomics, 10(1), pp 1–32. BIS central bankers’ speeches