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- Title
Monetary policy in the United Kingdom -- the framework and current issues.
- Abstract
In this speech, Kate Barker member of the Bank's Monetary Policy Committee, describes the background to the introduction of the current UK monetary policy framework and addresses some potential criticisms of the inflation-targeting approach from the perspective of the UK experience. Specifically, she suggests that worries that the inflation targeters place insufficient weight on output are misplaced and that it would be counterproductive to target asset prices. In addition she stresses the importance of being seen to act symmetrically to hit the target, in order to preserve credibility. Finally, she discusses the problems of setting monetary policy in the face of uncertainty about structural change and asks whether recent productivity improvements, as well as the recent pickup in average hours, have any implications for the split between the trend and cycle in the United Kingdom.
- Subjects
UNITED Kingdom; MONETARY policy; MONEY supply; ECONOMIC policy; EFFECT of inflation on the banking industry; PUBLIC spending
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 2, p276
- ISSN
0005-5166
- Publication type
Article