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The successful pursuit of the objective of low inflation by central banks in recent decades has also delivered low variability of beth inflation and outpuL At the same time,numerous financial and other"imbal- ances"(defined here as significant and sustained deviations from historical norms)have emerged.Should these imbalances revert to the mean,there could be significant effects on output growth.Although such an adverse outcome remains only a possibility,the question asked in this paper is whether we might still benefit from a new macrofinancial stabilization framework in which monetary and regulatory policies gave more attention to avoiding the emergence of imbalances in the first place.

Procyclicality in the Financial System: Do We Need a New Macrofinancial Stabilisation Framework?