Monetary Challenges in a 'New Economy'

Abstract

In this speech, Sushil Wadhwani, member of the Bank's Monetary Policy Committee argues that the tendency for economic forecasters to underestimate growth and overestimate inflation suggests that the UK meconomy is behaving differently from the past. Possible explanations include an intensification of product market competition, labor market reform and a tendency to underestimate productivity growth because of measurement error.

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