In this period, the monetary cycle - essentially the issue of discouragements - was two times proclaimed dead. The principal affirmation was in the last part of the 1960s, when the Phillips bend was viewed as having the option to guide the economy. In any case, this was trailed by stagflation during the 1970s, which undermined the hypothesis. The subsequent affirmation was in the mid 2000s, following the strength and development during the 1980s and 1990s in what came to be known as The Great Moderation. Eminently, in 2003, Robert Lucas, in his official location to the American Economic Association, announced that the "focal issue of discouragement anticipation [has] been addressed, for all useful purposes."[20] Unfortunately, this was trailed by the 2008-2012 worldwide downturn. Different locales have encountered delayed discouragements, most significantly the monetary emergency in previous Eastern Bloc nations following the finish of the Soviet Union in 1991. For a very long time these nations the period 1989-2010 has been a continuous sadness, with genuine pay actually lower than in 1989.[21] This has been ascribed not to a recurrent example, but rather to a bungled change from order economies to advertise economies[by whom?]