BoE's Bean on the business cycle

In a speech given on 26 August Charlie Bean of the Bank of England comments on Bob Hall's article "Separating the Business Cycle from Other Economic Fluctuations".

"Bob is certainly right to highlight the fact that potential output is not a smooth trend and that the natural rate of unemployment and the neutral rate of interest are not constants. But I do not believe we can dispense with the concepts altogether. If he is correct in his belief that the bulk of output fluctuations represent

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