The Great Moderation 20 Years On – And Beyond – Speech By Catherine L. Mann, Bank Of England, Member Of The Monetary Policy Committee, Given At The Annual Conference Of The Society Of Professional Economists In London

Catherine L. Mann reflects on the last forty years of the ‘Great Moderation’. She compares and contrasts arguments that ‘good policy’ or ‘good luck’ may have brought about more macroeconomic stability. She then discusses the likely sources of higher volatility in the future, including climate change,  global trade fragmentation, financial market volatility, and policy volatility. Catherine concludes by outlining the appropriate monetary policy strategy in a more volatile world.

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