Revisiting the 3D Perspective on Low Long Term Interest Rates

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 hi