This Report is offered as a contribution to debate about future challenges for the conduct of monetary policy. It was written by Gerald Holtham, Hodge Professor of Regional Economy at Cardiff Metropolitan University, Managing Partner at Cadwyn Capital, and an Associate of Llewellyn Consulting. Prior to that Professor Holtham was a Fellow of Magdalen College, Oxford, Chief Investment Officer at Morley Fund Management, Director of the Institute of Public Policy Research, Chief Economist at Lehman Brothers, and Head of the General Economics Division in the OECD Economics Directorate.