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Money And Credit, Twelve Months On

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  • PAUL TUCKER

Abstract

As many people have said, this is a challenging time for policymakers. But the real challenge is for households and firms in the real world who are having to navigate the fallout from the extraordinary combination of financial and commodity shocks rippling through the world economy. Our job as policymakers is to make that process as smooth as it can be over the medium term. And having our eye on the medium term means we must ensure that the gains of the past 10-15 years in stabilizing inflation are not frittered away. In confronting that task, policymakers are having both to make big picture judgments about the balance of forces buffeting the UK economy, and to apply areas of economic theory that stretch the frontiers of existing research. So, I want to sketch, broadly, what the current conjuncture suggests, from the policymaker's perspective, should feature in the future research agenda of monetary economists. Copyright © 2009 The Bank of England. Journal compilation © 2009 Blackwell Publishing Ltd and The University of Manchester.

Suggested Citation

  • Paul Tucker, 2009. "Money And Credit, Twelve Months On," Manchester School, University of Manchester, vol. 77(s1), pages 1-20, September.
  • Handle: RePEc:bla:manchs:v:77:y:2009:i:s1:p:1-20
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    1. Jean-Charles Rochet & Xavier Vives, 2004. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," Journal of the European Economic Association, MIT Press, vol. 2(6), pages 1116-1147, December.
    2. Pradeep Dubey & John Geanakoplos & Martin Shubik, 2000. "Default in a General Equilibrium Model with Incomplete Markets," Cowles Foundation Discussion Papers 1247, Cowles Foundation for Research in Economics, Yale University.
    3. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
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