Can central banks achieve dual price and financial stability mandates? With the advent of inflation targeting, price stability mandates for most central banks have become increasingly well defined. Until recently, the vagueness of most financial stability mandates and the assumption that price stability was consistent with financial stability meant that there were few perceived conflicts.
3 Economic historians such as Joel Mokyr are a bit more cautious, believing much as I do that it is nearly impossible to predict the state of future technology. 4 He notes that the 20th century experienced considerable technological advancement, even in the face of considerable headwinds, including two world wars, a cold war, and the Great Depression.