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time. yet, i found them quite surprising. as graph 1 shows, we seem to have entered an era of increasing literary dominance by one of the two concepts since the mid - 2000s : resilience. graph 12 this is not the place to speculate about the reasons for this trend, but let me just mention that it can be observed in the german corpus too ( see graph 2 in the appendix ). it would also be really interesting to see how the recent pandemic and the current high inflation environment shaped the relative frequencies. sadly, the current google ngram viewer database ends in 2019. instead, i would like to pause for a moment and reflect on what a potential trend toward resilience – were it to extend beyond the world of books – could mean for the design of policy and whether we should think of this trend as something unambiguously positive. the pitfalls of resilience let me start my excursion by making a simple point about the concept of resilience. recent examples suggest that this term tends to be used to inspire confidence, for example in the context of heightened financial volatility. for instance, reacting to the failure of silicon valley bank, the us treasury, the federal reserve and the federal deposit insurance corporation issued a joint statement on 12 march 2023 that closed with the following sentence : “ the u. s. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. ” 3 similarly, on 19 march 2023, on the occasion of the state - brokered takeover of credit suisse by ubs in switzerland, ecb president christine lagarde stated that “ the euro area banking sector is resilient, with strong capital and liquidity positions. ” 4 note that while both statements explicitly mentioned resilience, neither included any reference to robustness. live link to this graph on google books ngram viewer ( last accessed 2 may 2023 ) : https : / / books. google. com / ngrams / graph? content = resilience % 2c + robustness & year _ start = 1945 & year _ end = 2019 & case _ in sensitive = on & corpus = en - 2019 & smoothing = 0 the statement can be read in full on the us federal reserve ’ s website ( last accessed 19 april 2023 ) : https : / / www. federalreserve. gov