But, on the basis of the evidence just mentioned, it would be unwise to discard monetary analysis –  4  BIS Review 58/2007  especially now that we find ourselves in a period in which asset prices and liquidity are at a high level and ample on an unprecedented scale worldwide.
3  Concluding remarks  Conferences like this one, which bring together academics and policymakers, serve as a useful reminder that the challenges to our respective professions have not become less. On the contrary, the challenges are likely to have increased since monetary policymaking is confronted with many forms of uncertainty.