One of the most striking features of the economic landscape over the last twenty years or so has been a substantial decline in macro­economic volatility . . . Three types of explanations have been suggested . . . structural change, macroeconomic policies, and good luck . . . My view is that improvements in monetary policy, though certainly not the only factor, have probably been an important source of the Great Moderation . . . the policy explanation for the Great Moderation deserves more credit than it has received in the literature.

Philip Mirowski, Never Let a Serious Crisis …, loc. 503