Subbarao, Duvvuri - eSocialSciences - 2011
Over the last decade, the profile of central banks has gone up. First, we had the Great Moderation - a period of … in emerging economies, and low and stable inflation all around. Central banks took credit for this, believed they had … discovered the Holy Grail and declared victory. That sense of triumph was dented by the crisis as central banks came to be blamed …