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- Title
The economics of global output gap measures.
- Authors
Tanaka, Misa; Young, Chris
- Abstract
The United Kingdom is a relatively small, open economy. The Monetary Policy Committee monitors global influences on UK costs and prices as part of its assessment of the outlook for CPI inflation. One suggested measure of these global influences is the global output gap, defined as the deviation of world demand from world potential supply. This article considers the relevance of such a measure in assessing global influences on UK costs and prices. It argues that there are a number of conceptual problems and measurement issues relating to the global output gap.
- Subjects
UNITED Kingdom; MONETARY policy; ECONOMIC policy; BANK of England. Monetary Policy Committee; GLOBALIZATION; ECONOMIC development; PRICES; PRICE inflation
- Publication
Bank of England Quarterly Bulletin, 2008, Vol 48, Issue 3, p299
- ISSN
0005-5166
- Publication type
Article