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- Title
Stability and change.
- Abstract
In this speech, Sir John Gieve, Deputy Governor and member of the Monetary Policy Committee, discusses how globalisation and inflation targeting have affected the UK economy. He explains how ‘the great stability’ in growth and prices has made the underlying market pressures on business clearer. It has therefore provided a platform for rapid change in structure, ownership and technology and forced businesses to specialise in those products and services for which they have a comparative advantage. He explains the impact of globalisation on world and UK inflation in recent years. He concludes by suggesting that in an economy with well-anchored inflation expectations, the relative price of imports and domestically produced goods and services may adjust to maintain the overall rate near target; in effect, where the target is credible, market adjustments to relative prices may do a lot of the central bank's work for it.
- Subjects
SPEECHES, addresses, etc.; GIEVE, John; ECONOMIC globalization; PRICE inflation; INTERNATIONAL markets; ECONOMIC policy; ECONOMIC conditions in Great Britain; BRITISH economic policy, 1997-2010
- Publication
Bank of England Quarterly Bulletin, 2006, Vol 46, Issue 3, p333
- ISSN
0005-5166
- Publication type
Article