The inflation targeting regime that emerged after the Great Inflation has led to vastly improved outcomes for employment and price stability around the world. One result has been much longer expansions, which often brought with them the buildup of financial risk.
9  For example, Fratzscher, Lo Duca, and Straub find that factors other than U.S. monetary policy have been substantially more important as drivers of capital flows to emerging market economies; see Marcel Fratzscher, Marco Lo Duca, and Roland Straub (2012), “A Global Monetary Tsunami?