Indeed, some even declared the business cycle dead. The doubters meanwhile (among them Robert Gordon, Raghuram Rajan, Robert Shiller) were either neglected or – what is worse – labelled luddites. The global financial crisis challenged such complacency. In effect, it shone a light on our over confidence and, exposed our very lack of humility.
The Bank is neutral with respect to the timing and direction of the next change to the policy rate, which will depend on how new information influences the outlook and assessment of risks. And now, with that, Carolyn and I would be pleased to answer your questions. 2  BIS central bankers’ speeches