Monetary Policy, Stability and Structural Change - speech by Paul Tucker

In a speech today to the CBI in Guildford, Paul Tucker - Executive Director for Markets and a member of the Monetary Policy Committee - discusses some of the structural changes affecting the economy and how monetary policy confronts them.
Published on 01 March 2005

Paul Tucker says, "either there have been some fairly profound changes in our economy or we have been blessed by extraordinary good luck over the past decade or so". He highlights that inflation has been less variable and changes in inflation have been less persistent than in previous decades. He also discusses the uncertainty about the extent to which demand pressures feed through into wages and prices - relevant at the present time as slack in the economy is absorbed and the degree of demand pressure and the implications for the inflation outlook become key judgments for the MPC.

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