Contributor(s): Dr Gertjan Vlieghe | Gertjan Vlieghe's term as an external member of the Bank of England Monetary Policy Committee comes to an end in August. Join us for his final lecture as a member of the MPC.

In this speech, Dr Vlieghe will consider what we have learned in the past five years about some of the persistent structural drivers of low neutral interest rates, such as demographics, debt and the distribution of income. Considerable new research has been published in these areas, both theoretical and empirical, which explores these drivers, including the extent to which they are interlinked. Since these developments constrain the available monetary policy space, Dr Vlieghe then considers how monetary policy should be set in a constrained environment, as well has how these constraints could be lifted to ensure the effectiveness of future monetary policy.

Meet our speaker and chair

Gertjan Vlieghe is a member of the Monetary Policy Committee of the Bank of England. Prior to his appointment he was a partner and senior economist at Brevan Howard Asset Management. Prior to this he has held positions at Deutsche Bank and the Bank of England including Economic Assistant to Governor Mervyn King. Dr Vlieghe's published research has focused on the importance of money, balance sheets and asset prices in the economy. He holds a doctorate from the London School of Economics and Political Science.

Minouche Shafik is Director of the London School of Economics and Political Science. Prior to this, she was Deputy Governor of the Bank of England. She is an alumna of LSE.

More about this event

The Centre For Macroeconomics (@CFMUK) is a research centre that brings together a group of world class experts to carry out pioneering research on the study of nations’ prosperity, and the crises that afflict them, helping to design policies that will create a healthier and more resilient economy.

The Department of Economics (@LSEEcon) at LSE, is one of the leading economics departments in the world. We are a large department, ensuring all mainstream areas of economics are strongly represented in research and teaching.

Twitter Hashtag for this event: #LSEVlieghe

Transcript

A transcript of Dr Gertjan Vlieghe's speech is available to download from Revisiting the 3D Perspective on Low Long Term Interest Rates.

Slides

A copy of Dr Gertjan Vlieghe's slides is available to download from Revisiting the 3D Perspective on Low Long Term Interest Rates.