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- Title
Inflation targeting--achievements and challenges.
- Abstract
In this speech, Rachel Lomax, Deputy Governor responsible for monetary policy, reviews the improvement in economic performance associated with inflation targeting, and explains why this approach to monetary policy works well. She argues that while monetary policy has become 'a less melodramatic affair', today's policy makers face substantial challenges in three key areas: assessing current developments, effective communication, and understanding future trends. She concludes that an open approach to uncertainty and disagreement has underpinned the MPC's credibility, and increased its ability to respond to changing circumstances.
- Subjects
LOMAX, Rachel; BANK directors; SPEECHES, addresses, etc.; MONETARY policy; PRICE inflation; ECONOMIC policy
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 1, p77
- ISSN
0005-5166
- Publication type
Article