By Adam Posen
THE 1990s WERE a golden age for central bankers, if not for central banking. The vast majority of central banks gained independence to set monetary policy, and in some cases the goals of monetary policy, free from political control. The priority of maintaining price stability attracted widespread support and the disinflation of the 1980s was largely consolidated.
With a nearly global movement towards efforts at fiscal consolidation, monetary policy became the primary instrument of economic stabilization.
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