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- Title
A tale of two cycles.
- Abstract
In this speech, Sir John Gieve, Deputy Governor for financial stability, discusses the challenge faced by the Monetary Policy Committee (MPC) from the tale of two cycles: the downswing of the financial cycle and the upswing in the commodity cycle. He argues that, although the banking cycle is not a new phenomenon, the scale and speed of the downswing in the past year has been exceptional. However, at the same time, the emerging and developing countries have contributed to strong world growth and driven the upswing in oil and commodity prices. He notes that balancing the downside risk to demand associated with tighter credit conditions against the inflationary pressures emanating from the rest of the world is the greatest challenge the MPC has had to face, but concludes that monetary policy framework and independence of the Bank was designed for difficult times as well as plain sailing.
- Subjects
GIEVE, John; BANK of England. Monetary Policy Committee; BANK of England; MONETARY policy; ECONOMIC policy
- Publication
Bank of England Quarterly Bulletin, 2008, Vol 48, Issue 3, p316
- ISSN
0005-5166
- Publication type
Speech