2015 Conference Presidential Address

LIVING WITH LOW FOR LONG – Professor Sir Charles Bean

Sir Charles Bean, LSE professor and former deputy governor for monetary policy at the Bank of England,delivers his retiring presidential address to the Royal Economic Society on the implications of living in a world of persistently low interest rates. He began by noting the transformation in the macroeconomic environment over the past 15 years:

‘When I left the London School of Economics to join the Bank of England as its Chief Economist in October 2000, the Bank’s policy rate stood at 6%, while the yield on 10-year UK gilts was 5.1%. Today, a few months after returning to the LSE, the policy rate is barely in positive territory at just 0.5%, while the 10-year gilt rate stands at just 1.8%. That is a quite remarkable change.’

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