This approach made a lot of sense and it worked. Inflation rates have been lower and more stable. Central banks have established strong anti-inflation credentials and expectations of high inflation have been wrung out of the system. Core inflation in the advanced economies has been consistently around 1–2 per cent for the past 20 years (Graph 1).
And measures of inflation expectations suggest that inflation is expected to remain low for many years to come. Graph 1  https://www.rba.gov.au/speeches/2019/sp-gov-2019-10-29.html  3/18  10/30/2019  Some Echoes of Melville | Speeches | RBA  Despite this success, things have not exactly worked out as hoped, and recent experience is causing some rethinking of aspects of the conventional wisdom.