11 Without such an orientation, expectations may continue to drift in the same direction, and a re-anchoring of inflation expectations may morph into an outright de-anchoring of inflation expectations with no visible end-point. In such conditions, monetary policy would face an uphill battle to preserve inflation rates compatible with any reasonable definition of price stability.
On the one hand, some influential studies find no relationship between human capital and growth when the Lucas approach is tested for broad samples of countries.