The post-crisis economy is a “changed world”, and central bankers need to adapt accordingly, says Gertjan Vlieghe, a member of the Bank of England’s monetary policy committee.

In remarks on October 15, Vlieghe said policy-makers were increasingly concentrating on structural questions, which he grouped under the headings of “debt, demographics and the distribution of income”. All three tend to lower r*, the neutral rate of interest, which can make it harder for monetary policy to stimulate the