10  7  See, among others, the example provided in Bordo and Jeanne (2002), “Boom-busts in asset prices, economic instability and monetary policy”, NBER Working Papers No. 8966. 8  C. A. Sims (2008), “Inflation expectations, uncertainty and monetary policy”, manuscript, mimeo. 9  See Woodford (2008), “Globalization and monetary control”, NBER Working Papers No. 13329.
In response, I have told them that there is certainly an element of good fortune in that performance. But, fundamentally, it reflects the extraordinary efforts made during the 1990s to put a coherent economic policy framework in place, and I want to begin by talking about that framework.