In this speech, Sushil Wadhwani, member of the Bank's Monetary Policy Committee argues that the tendency for economic forecasters to underestimate growth and overestimate inflation suggests that the UK meconomy is behaving differently from the past. Possible explanations include an...

In this speech, Sushil Wadhwani, member of the Bank's Monetary Policy Committee, argues that looking only at a two year ahead inflation forecast when setting interest rates is likely to be sub-optimal, and that allowing asset price misalignments to have an additional impact on interest rates...

In this speech, Sushil B. Wadhwani, member of the Bank's Monetary Policy Committee, argues that the Internet is likely to have a highly significant impact on productivity, margins, the NAIRU and inflation over the next few years. He conjectures that there may be a case, therefore, for revisiting...

In this speech, Sushil B. Wadhwani, member of the Bank's Monetary Policy Committee, argues that the NAIRU has fallen significantly over the last decade. However, the evidence suggests that the NAIRU today is probably higher than it was in the 1960s, but is likely to be heading lower because of...

In this speech, Sushil B Wadhwani, argues that the US and UK economies are 'new' in that structural changes have led to a breakdown of some of the historical relationships that help inform the setting of monetary policy. Evidence is presented suggesting that the equilibrium rate of unemployment...

In this speech, Sushil B Wadhwani notes that it is encouraging that inflation expectations have fallen under the new monetary framework. However, because of the recent tendency to undershoot the target, he argues that it is important to keep the forecasting process under review. He presents...

In this speech, Sushil B Wadhwani, argues that conventional macroeconometric models are likely to significantly understate the impact of a US slowdown on the UK economy. Linkages that might not be captured well by models include the effects of significant foreign direct investment, the fact that...

In this speech, Sushil B Wadhwani, argues that the 'new economy' has changed some of the underlying relationships that we rely on for purposes of monetary policy, and also has important implications for the appropriate measurement of the capital stock and GDP. However, some of the other claims...