Uncertainty Is Not A Reason For Inaction

  • Possible To Wait Before Tightening Policy
  • Material Risk That Trade-Off Is Not As It Currently Appears, And Domestic Inflation Pressure Will Undershoot MPC
  • Monetary Policy Can’t Wait For Clearer Understanding Of Whether We Are Correctly Measuring Employment
  • We Appear To Be Operating Close To Full Capacity, Even At A Growth Rate Of Less Than 2%
  • Domestically Generated Inflation Pressure, However, Appears Low, Despite Operating Close To Full Capacity
  • My Policy Decision Does Not Anticipate Any Particular Brexit Outcome. But Brexit Is Relevant To Monetary Policy And To The MPC
  • We Can, In My View, Only Work On What We See In The Economy Now
  • We Are Almost Certainly Going Through A Period Of Heightened Change At Present
  • Monetary Policy Cannot In The Longer Run Determine Real Things Like Unemployment
  • Relationship Between Unemployment And Wages Is Important For MPC’s Understanding Of Inflation
  • For Monetary Policymakers The Apparent Disappearance Of The Link Between Pay Growth And Employment Is Of The Key Puzzles
  • For The Policymaker A Flattening Of The Phillips Curve Poses A More Difficult Challenge
  • If The Curve Is Pretty Close To Flat, Monetary Policy Will Have To Work Very Hard To Affect Domestically Generated Inflation

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