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Monetary Policy Normals, Future and Past

Published online by Cambridge University Press:  01 January 2020

Peter Sinclair  and
William A. Allen
Peter Sinclair*
Affiliation:
University of Birmingham
William A. Allen*
Affiliation:
National Institute of Economic and Social Research
*
E-mail: p.j.n.sinclair@bham.ac.uk
E-mail: bill@allen-economics.com or william.allen2@icloud.com
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Abstract

The paper looks at the ‘new normal’ in so many of the world's central banks, and specifically the UK. It examines the position of the monetary policy framework, instrument settings, the underlying models, unconventional policy measures, real interest rates, and the interface with macroprudential policy. It explores both the advantages and challenges involved in any move to return towards pre-crisis arrangements, and offers suggestions for possible ways in which current policy dilemmas might be resolved.

Keywords

regulations for banksinterest rate normalisationE52E58G21
Type
Research Articles
Information
National Institute Economic Review , Volume 241 , August 2017 , pp. R5 - R12
Copyright
Copyright © 2017 National Institute of Economic and Social Research

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Footnotes

The authors would like to thank the other contributors to this issue, in particular Jagjit Chadha, for helpful comments.

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