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- Title
The inflation-targeting framework from an historical perspective.
- Authors
Benati, Luca
- Abstract
This article provides an historical perspective on the post-1992 inflation-targeting regime in the United Kingdom. It assesses nearly 400 years of UK economic history using three alternative gauges of stability: business-cycle fluctuations, the Phillips correlation between inflation and unemployment and the degree of inflation persistence. The first of these measures suggests that the inflation-targeting regime has been characterised by the most stable macroeconomic environment in recorded UK history. The second points to a significant improvement in the stability of the Phillips inflation-unemployment correlation during the post-1992 period. The third stability measure suggests that inflation persistence in the United Kingdom has been the exception, not the rule.
- Subjects
UNITED Kingdom; PRICE inflation; UNEMPLOYMENT; ECONOMIC structure; ECONOMIC indicators; BUSINESS cycles; ECONOMIC policy
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 2, p160
- ISSN
0005-5166
- Publication type
Article