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Credit Conditions and Monetary Policy

Paul Tucker

出版	SSRN, 2005
URL	http://books.google.com.hk/books?id=mRbozgEACAAJ&hl=&source=gbs_api

註釋

In this speech, Paul Tucker, executive director of the Bank of England and member of the Monetary Policy Committee, discusses the interactions between the financial and real economy and their impact on monetary policy. In particular, he addresses the household and corporate sectors in the United States and the United Kingdom, emphasising the importance of credit conditions as an input to monetary policy. A key question for the current outlook for the global economy is whether US business investment will recover before US household consumption decelerates. In the United Kingdom, households have taken advantage of changes in the availability of finance, which, together with the low interest rate environment and rising house prices, have contributed to an increase in borrowing. Higher borrowing does mean that households are more vulnerable to economic shocks; finances would prudently be managed on the basis that rates are likely to be somewhat higher on average in the medium term. Policy is currently rightly supporting demand growth in order to keep inflation on track to meet the 2.5% target.