It’s important that central banks and the academic community collaborate. We can learn a lot from each other. I’m conscious that this talk was originally scheduled to take place almost exactly a year ago, but I had to cancel due to illness. That seems especially pertinent on this occasion, because my topic tonight is lags.
By choosing this topic, I hope to encourage those of you who engage in economic analysis of any kind, and the broader academic community, to think carefully about time, and in particular, about how the passage of time is built into your analysis. I want to talk about lags: where they come from; how they might change; and what they might be telling us.