Also, the pursuit of price stability and sound fiscal balances and, in extreme cases the provision of liquidity under appropriate  7  For a discussion of these policy choices during the boom, see Sánchez, M. (2013), “Emerging economies in the face of financial bonanza”, speech delivered at CEMLA’s IX Meeting of Monetary Policy Managers, May, available at https://www.bis.org/review/r130527g.pdf.
20  Board of Governors of the Federal Reserve System, Indexes of Industrial Production. 21  Of course, the invention and commercial use of the airplane itself was a technological innovation that predated the jet engine. In particular, the introduction of commercial air travel in the late 1920s represented a substantial improvement over existing forms of passenger transportation.