Moreover, the ability of monetary policy to help offset short-term shocks to output and employment has grown as inflation expectations have stabilised at a low level and as policy credibility and transparency have increased.
While I appreciated the need to be familiar with such milestones, I remember feeling that I would like to know more about the lives of ordinary people at those times, not just about kings and queens and presidents. In college and graduate school, I studied economic history and found what I was looking for.