Era III, 2010 and After: Monetary Policy and the Emerging New Normal The third era began in 2010 as the recovery from the Great Recession was taking hold. My focus in discussing this era will be on a “new normal” that is becoming apparent in the wake of the crisis.
I will fast-forward past the early years of the expansion and pick up the story in December 2015.9 The unemployment rate had fallen  7  Indeed, as I noted at this symposium last year, inflation ran surprisingly low in the second half of the 1990s (Powell, 2018). 8 This was an odd recession to classify.