Many thanks for inviting me to NIESR for this speech. I have spent many hours in this building, contributing to regular discussions previously as a market participant and attending board meetings for Rebuilding Macroeconomics when it was based here. It’s lovely to be back in this setting. Social scientists like to talk about structural changes, and my speech today is no exception. I’m going to use it to explore one of the most important – and often overlooked - structural changes happening in macroeconomic policy at the moment: the shift of central bank balance sheets towards new steady states and what this means for ... (full story)