TITLE

Some Reflections on the Bank of England's Monetary Policy Committee

AUTHOR(S)
Wadhwani, Sushil B.
PUB. DATE
October 2001
SOURCE
Business Economics;Oct2001, Vol. 36 Issue 4, p60
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The new monetary policy framework in the UK has made an encouraging start, as inflation expectations have fallen to around target. This does not appear to have come at the cost of growth, as the unemployment rate has continued to fall, and output growth has been slightly above its average rate. A critical feature of our framework is that it specifies a symmetric target. If we persistently undershoot the target, it could eventually damage our credibility. Therefore, it will remain important to respond to the possible changes in the structural relationships that underlie our forecasting processes. While UK monetary policy is more transparent than in many other countries, our interest rate decisions appear to have surprised the markets more than those of other central banks. However, these empirical results may be distorted, because, in the early years of the Monetary Policy Committee, the markets were trying to learn how we would react to developments in the economy. Over a more recent period, the average market surprise associated with our decisions is broadly in line with other major central banks.
ACCESSION #
5568037

 

Related Articles

  • Statements to the Congress. Mullins Jr., David W. // Federal Reserve Bulletin;Dec93, Vol. 79 Issue 12, p1110 

    Presents a speech given by the vice chairman of the Federal Reserve System Board of Governors, before the Committee on Banking, Finance and Urban Affairs, US House of Representatives, dealing with the Federal Reserve System Accountability Act of 1993. Deliberative process; Impact of detailed...

  • Editor's Note. Weinberg, John A. // Economic Quarterly (10697225);Summer2004, Vol. 90 Issue 3, p1 

    Introduces a series of articles on monetary policy.

  • Monetary Stabilization in Countries in Transition. Jochem, Axel // International Advances in Economic Research;Feb99, Vol. 5 Issue 1, p37 

    Provides information on a study which examined monetary stabilization in post-socialist countries in transition. Major problem of inflation; Elimination of monetary overhang; Monetary stabilization in Visegrad-countries.

  • Editor's Introduction. Rasche, Robert H. // Review (00149187);Jul/Aug2008, Vol. 90 Issue 4, p271 

    The article discusses various reports published within the issue, including one by Lars Svensson and Noah Williams on policy makers who face uncertainty and another by Athanasios Orphanides and Volker Wieland on the rules of thumb for monetary policy.

  • Monetary services and money demand in China. Yu, Qiao; Tsui, Albert K. // China Economic Review (1043951X);2000, Vol. 11 Issue 2, p134 

    Using Barnett's methodology, we construct a monetary services index (MSI) for China. Compared to the traditional simple money aggregates, this index has solid microeconomic foundations, and has consistent variables. With China's on-going economic reforms in full swing, this index may provide a...

  • Economic Policy: Monetary Policy and Outlook.  // Panama Country Monitor;Jan2012, p10 

    The article presents the economic and monetary policy outlook for Panama for 2012, indicating that money supply is driven by the balance-of-payments performance and the highly developed international banking sector.

  • Economic Policy: Monetary Policy - Recent Developments.  // Panama Country Monitor;Jan2012, p10 

    The article reports on the developments in the economic and monetary policy in Panama, showing that the country's economic stability is producing no currency fluctuations, given the U.S.-dollarized nature of the economy.

  • Economic Policy: Monetary Policy - Recent Developments.  // Tunisia Country Monitor;Jun2012, p11 

    The article discusses the developments of monetary policy in Tunisia and includes details on the country's interest rate, inflation, and food prices.

  • A REVIEW OF THE RULES VERSUS DISCRETION DEBATE IN MONETARY POLICY. Lear, William Van // Eastern Economic Journal;Winter2000, Vol. 26 Issue 1, p29 

    Deals with how monetary policy should be conducted. Case in favor of rules and description of the specific monetary policy rules derived from a theory; Argument for rejecting policy by rules; Analysis of the rules versus discretion literature.

  • Appendices.  // Bank of England Quarterly Bulletin;Spring2007, Vol. 47 Issue 1, p173 

    A variety of speeches, research papers and financial statistics that relate to articles that appeared in the February 2007 issue of "Quarterly Bulletin" are presented.

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics