In this speech, John Vickers, Executive Director and Chief Economist at the Bank, discusses some possible implications for inflation - and hence for monetary policy - of some current developments on the supply side, in particular the ongoing revolution in information and communications...

This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect...