Mishkin, Frederic S. - Federal Reserve Board (Board of Governors of the … - 2007
" principles. However, there remains, and will likely always remain, elements of art in the conduct of monetary policy. … in the 1960s and 1970s, economists, and also the public and
politicians, began to discuss the high costs of inflation … overinvestment in the financial sector, which expands to help individuals
and businesses escape some of the costs of inflation …