The article analyzes different economic periods and how they were influenced by changes in monetary policy and macro shocks. By using survey-based expectations for inflation and output, the researchers found that before 1980, monetary policy was accommodating, but became more activist afterwards. The period from 2000-2005 saw a shift to activist monetary policy through interest rate reductions. Output shocks became less volatile after 1985, while inflation shocks stabilized around 1990, possibly due to active monetary policy. The study also identifies the start and end of the Great Moderation, showing the impact of both shocks and policy on economic stability.