“How exactly have these challenges called into question the consensus on which monetary policy has been based? How can new data help to identify whether – and to what extent – the practice of monetary policy has changed?
More speculatively, can new data help shape a possible "new normal" for monetary policy?” Needless to say, I do not want to provide any definite answers to these key questions; they have far-reaching implications making it unrealistic to settle all these issues on this panel. Taking a step back: data and the New-Keynesian consensus Before looking ahead, let's first look back a bit.