It is true that there was already a debate under way at that time on the crises of some countries in South-East Asia. In fact, President Tietmeyer spoke in depth about them to ELEC pointing out potential domino effects. A general optimism prevailed in the public debate, however, particularly in respect of future developments in the US economy.
At all events, I can well recall headlines announcing the ‘end of the business cycle’ and predicting the arrival of the ‘new economics’, which probably referred to the theory of continuing progress in productivity or even the end of the economic problem of supply and demand itself.