Comment: Challenging 'received wisdom'

In delivering the Keynes Lecture in Economics at the British Academy on Tuesday, Bank of England MPC member, Professor Stephen Nickell, set out to refute two major areas of criticism of MPC's track-record over the last five years.


In discussing his experience as a MPC member - he was appointed in June 2000 - Nickell attempted to challenge the assertion that Britain avoided recession over the past decade only by allowing consumers to take on more debt. He also argued that

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