On 14 July, the Bank of England and the Centre for Economic Policy Research hosted the fourth Monetary Policy Roundtable. These events are intended to provide a forum for economists to discuss key issues affecting the design and operation of monetary policy in the United Kingdom. As always, participants included a range of economists from private sector financial institutions, academia and public sector bodies. At this fourth Roundtable there were four discussion topics: what have we learnt about inflation dynamics? quantifying the effects of quantitative easing; global prospects and the impact on the UK economy; and monetary and fiscal policy.