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Failure to Launch: The Challenges to Raising Interest Rates

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London Business School

26 Sussex Place

London

NW1 4SA

United Kingdom

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Leading Minds event with Kristin Forbes at London Business School

18.30 Registration | 19.00 Start | 20.00 Reception

Professor Kristin Forbes delivers her last public speech as a Member of the Monetary Policy Committee (MPC) of the Bank of England, which she joined in July of 2014, before returning full-time to her faculty post at the Massachusetts Institute of Technology.

One of the more hawkish members of the rate setting committe, Kristin was the first to vote in favour of a 25 basis point hike in March 2017.

Kristin will discuss the challenge faced by countries around the world in raising interest rates over the past few years. Why are interest rates still at or below the emergency levels adopted in response to the 2008 crisis? Why have so few countries been able to “launch” a series of interest rate hikes?

She will focus on her experience setting monetary policy in the UK – a country which has not increased interest rates since the crisis, despite solid economic growth and sharp falls in unemployment. She will discuss the role of changes in the global economy, in the tools used by central banks, in how monetary policy works, and in the political environment. She will also discuss whether our basic economic models of inflation and interest rates may be missing important dynamics that could explain this “failure to launch”.

The event will be chaired by Hélène Rey, Lord Bagri Professor of Economics at London Business School.

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London Business School

26 Sussex Place

London

NW1 4SA

United Kingdom

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