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- Title
Monetary policy in an uncertain world.
- Abstract
In this speech, Charles Bean, Chief Economist and member of the Monetary Policy Committee, reviews and assesses the three types of uncertainty which affect monetary policy makers: uncertainty about the data; uncertainty about the nature and persistence of shocks; and uncertainty about the structure of the economy. Focusing on uncertainty about the structure of the economy, he notes the unusual stability of inflation and output growth in the past decade or so. There are a number of possible explanations, including plain good luck, structural changes in the economy and improved policymaking. Mr Bean goes on to note that the short-nm trade-off between inflation and activity seems to have flattened as inflation has stabilised at low levels and he attributes this in part to improved monetary policy making. He goes on to consider some of the policy implications of this change.
- Subjects
UNITED Kingdom; BEAN, Charles; ECONOMISTS; PUBLIC officers; CENTRAL banking industry; BANKING industry; FINANCE
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 1, p80
- ISSN
0005-5166
- Publication type
Article