That reflects the mark-down in global growth, heightened geo-political and financial risks and the weak pipeline of inflationary pressures from wages internally and commodity prices externally. Taken together, this implies interest rates could remain lower for longer, certainly than I had expected three months ago, without endangering the inflation target. Thank you. 8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11  12  BIS central bankers’ speeches  BIS central bankers’ speeches  13  14  BIS central bankers’ speeches  BIS central bankers’ speeches  15  16  BIS central bankers’ speeches  BIS central bankers’ speeches  17  18  BIS central bankers’ speeches  BIS central bankers’ speeches  19  20  BIS central bankers’ speeches  References Acemoglu, D and Autor, D H (2010), “Skills, tasks and technology: Implications for employment and earnings”, NBER Working Paper No. 16082, National Bureau of Economic Research, Cambridge, MA. Autor, D H, Katz, L F and Kearney, M S (2006), “The polarization of the US labor market”, American Economic Review: Papers and Proceedings, Vol. 96, No. 2, pp. 189–94. Autor, D, Levy, F and Murnane, RJ (2003), “The skill content of recent technological change: An empirical exploration”, Quarterly Journal of Economics, Vol. 118, No. 4, pp. 1279–1333. Bank of England (2014), “August 2014 Inflation Report”, available http://www.bankofengland.co.uk/publications/Pages/inflationreport/2014/ir1403.aspx.

IMF (2014), “Legacies, Clouds, Uncertainties”, World Economic Outlook October 2014, available at: http://www.imf.org/external/pubs/ft/weo/2014/02/ King, M (2011), “Global imbalances: the perspective of the Bank of England”, Banque de France Financial Stability Review, available at: http://www.nber.org/papers/w19887.pdf Migration Advisory Committee (2012), “Analysis of the Impacts of Migration”, Migration Advisory Committee. Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/257235/analysis-of-the-impacts.pdf McIntosh, S (2013), “Hollowing out and the future of the labour market”, BIS Research Paper Number 134, available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/250206/bis-13-1213-hollowing-out-and-future-of-the-labour-market.pdf Plunkett, J and Pessoa, J P (2013), “A Polarising Crisis? The changing shape of the UK and US labour markets from 2008 to 2012”, Resolution Foundation Briefing. BIS central bankers’ speeches  21  Sissons, P (2011), “The hourglass and the escalator: labour market change and mobility”, The Work Foundation. Available at: http://www.theworkfoundation.com/DownloadPublication/Report/292_hourglass_escalator120711%20(2)%20(3).pdf Summers, L (2014), “U.S. economic prospects: secular stagnation, hysteresis, and the zero lower bound”, Keynote address at the NABE Policy Conference, 24 February 2014, printed in Business Economics, Vol. 49, No.2, pp 65–73. Taylor, J (1993) “Discretion versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy, Vol. 39, pp. 195–214. Trade Union Congress (2014), “UK workers suffering the most severe squeeze in real earnings since Victorian times”, Labour Market and Economic report, available at http://www.tuc.org.uk/economic-issues/labour-market-and-economic-reports/economicanalysis/britain-needs-pay-rise/uk. VoxEU (2014), “Secular stagnation: facts, causes and cures”, VoxEU eBook available at: http://www.voxeu.org/sites/default/files/Vox_secular_stagnation.pdf Weale, M (2014), “Slack and the labour market”, speech at the Thames Valley Chamber of Commerce, 20 March 2014, available at http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech716.pdf. 22  BIS central bankers’ speeches