Page 1  What did the monetarists ever do for us? − speech by Huw Pill Given at Walter Eucken Institut / Stifung Geld und Währung Conference – Inflation and Debt: Challenges for Monetary Policy after Covid-19  Page 2  Published on 24 June 2022  Huw Pill talks about the challenges for monetary policy after Covid. Speech Good afternoon everyone. It is a great pleasure to be here in Freiburg to attend this excellent and topical conference. My thanks are due to the organisers, especially Professors Feld, Krause and Moellers, and to the sponsoring institutions, the Stiftung Geld and Waehrung and the Walter Eucken Institut, for their invitation and hospitality. I am tempted to start my remarks with the phrase: ‘And now for something completely different …’. In part, this is intended to signal a change of pace. After a series of outstanding presentations of very high quality research papers, I am afraid that I will lower the tone somewhat by bringing more of a policy orientation to the discussion. But it is also a nod to the Pythonesque title assigned to my remarks. I understand that Monty Python was (and is) very popular in Germany. But to avoid any misunderstanding, I thought I should clarify from the outset that the title is an allusion to a famous sketch from one of the Money Python films.
The text has also benefitted from helpful comments from Andrew Bailey, Ben Broadbent, Alan Castle, Jonathan Haskel, Andrew Hauser, Nick McLaren, Fergal Shortall, Dave Ramsden, Silvana Tenreyro, Daniel Walker and Chris Yeates, for which I am most grateful. Opinions (and all remaining errors and omissions) are my own. References Bailey, A., J. Bridges, R. Harrison, J. Jones and A. Mankodi (2020). ‘The central bank balance sheet as a policy tool: Past, present and future,’ Bank of England staff working paper no. 899. Bernanke, B.S. (2003). ‘"Constrained discretion" and monetary policy,’ Speech to the Money Marketeers of New York University, 3 February. Bernanke, B.S. (2004). ‘The great moderation,’ Remarks at the meetings of the Eastern Economic Association, Washington DC, 20 February 2004. Brunner, K. and A. Meltzer (1988). ‘Money and credit in the monetary transmission process,’ American Economic Review, Vol. 78, no. 2, pp. 446-51. Busetto, F., M. Chavaz, M. Froemel, M. Joyce, I. Kaminska and J. Worlidge (2022). ‘QE at the Bank of England: A perspective on its functioning and effectiveness,’ Bank of England Quarterly Bulletin Q1. Cagan, P. (1956). ‘The monetary dynamics of hyperinflation,’ in M. Friedman (ed.) Studies in the Quantity Theory of Money, University of Chicago Press, pp. 25-117. Cloyne, J., R. Thomas, A. Tuckett and S. Wills (2015). ‘An empirical sectoral model of unconventional monetary policy: The impact of QE,’ The Manchester School, Vol. 83, no. S1, pp. 51-82. Czech, R., B. Gual-Ricart, J. Lillis and J. Worlidge (2021).