..one of the main this-time-is-different syndromes had to do with a belief in the invincibility of modern monetary institutions. Central banks became enamored with their own versions of “inflation targeting,” believing that they had found a way both to keep inflation low and to optimally stabilize output. Though their successes were founded on some solid institutional progress, especially the independence of the central banks, those successes seem to have been oversold.  Policies that appeared to work perfectly well during an all encompassing boom suddenly did not seem at all robust in the event of a huge recession.  Market investors, in turn, relied on the central bank to bail them out in the event of any trouble.

From This Time is Different – Eight Centuries of Financial Folly by Carmen Reinhart and Kenneth Rogoff