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Full Description
The Bank of England was given operational independence by the UK Parliament in 1997. The key feature of this independence is that the Bank's Monetary Policy Committee has sole responsibility for setting interest rates to achieve the Government's inflation target. Featuring contributions from leading academics and practitioners, Reflections on Monetary Policy after twenty-five years of the MPC assesses and reflects on this independence, particularly in relation to the activities of the Monetary Policy Committee. The book is organised around four main themes: the remit given to the Bank of England in 1997, the decision-making process by which the Bank determines monetary policy, the use of unconventional policy after the financial crisis of 2007-11, and the scale and scope of the communication that the Bank uses to inform the public. It argues that the economy works best when agents understand why the central bank behaves in a particular way.
Contents
1. Introduction Sean Holly, Michael McMahon, Stephen Millard and Anna Watson; 2. 25 years of bank of england independence: an international perspective Petra Geraats; Communication: 3. Reliable partners Ben Broadbent; 4. MPC monetary communication: children of the revolution(s) Delia Sih Chien Macaluso and Michael McMahon; 5. Central bank communication: never excuse, never explain Stephen Millard; Targets and Instruments: 6. The MPC remit at 25 - growing pains? Jens Larsen; 7. Raising the inflation target Tony Yates; 8. What have we learnt about unconventional monetary policy tools? Lessons from the global pandemic Charlotta Groth; 9. Finding new objectives, seeking new instruments David Cobham; Government debt management and monetary policy before and after the MPC William A. Allen; MPC Process: 10. An analysis of central bank decision-making Maria Demertzis, Catarina Martins and Nicola Viegi; 11. The decision-making process: nine members, one vote Richard Barwell; Lessons for Central Bank Independence: 12. The MPC: then and now Mervyn King; 13. Outlines of a reform programme for the UK's monetary regime Paul Tucker; Index.
