Monetary policy in the three main areas of the world has been markedly expansionary, while prices have remained largely stable. There has been a substantial increase in the monetary base; interest rates on loans have fallen to historical low levels.
This is because of short planning horizons related to short business cycles, short political cycles and the mandate of central banks. Carney called this the Tragedy of the Horizon and he argued it could be broken by combining data, technology and expert judgment.