Characterising the current economic expansion: 2009 to present day
This article follows on from the narrative contained in Business cycle review: 2008 to present day (Williams, 2017). The first article described the evolution of the economy since 2008 and how monetary policy responded given the Bank’s assessment of economic conditions in real time. This article presents a broader view of the current (as yet incomplete) expansion, by looking at some of its defining features and comparing them to experience in previous expansions. In doing so, this article also presents some broad insights for monetary policy that have been reinforced in the current expansion.