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[In the years leading up to the financial crisis the global economy enjoyed a period of remarkable, if not unprecedented, stability, at least as far as conventional macroeconomic indicators were concerned - so much so that this period earned its own label: The Great Moderation.1 The United Kingdom economy enjoyed an extended period of uninterrupted economic growth and low and stable inflation, and our major trading partners had similar experiences. According to Benati’s (2006) authoritative study for the United Kingdom: The post-1992 inflation targeting regime appears to have been characterised, to date, by the most stable macroeconomic environment in recorded UK history, with the volatilities of the business-cycle components of real GDP, national aggregates and inflation measures having been, post-1992, systematically lower than for any of the pre-1992 monetary regimes/historical periods, often markedly so, as in the case of inflation and real GDP.]
Published: Nov 24, 2015
Keywords: House Price; Asset Price; Balance Sheet; Pension Fund; Private Equity
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