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- Title
Money market operations and volatility in UK money market rates.
- Authors
Wetherilt, Anne Vila
- Abstract
The Bank of England implements UK monetary policy by influencing short-term interest rates in its money market operations. The way in which the Bank operates in the market has changed significantly over time, but the aim throughout has been to ensure that the behaviour of short-term interest rates is consistent with monetary policy decisions, whether made by the Chancellor of the Exchequer or, since 1997, by the Bank's own Monetary Policy Committee. Operational choices by the central bank, together with developments in the markets themselves, are likely to have affected the volatility of short-term interest rates. This article outlines various measures of volatility in sterling money markets.
- Subjects
UNITED Kingdom; MONEY market; MONETARY policy; INTEREST rates
- Publication
Bank of England Quarterly Bulletin, 2002, Vol 42, Issue 4, p420
- ISSN
0005-5166
- Publication type
Article