Central Bank Independence and the Conduct of Monetary Policy in the United Kingdom:

The U.K. monetary policy framework, which combines inflation targeting with operational independence, provides a suitable arrangement for focused and credible monetary policy. However, potential weaknesses could result from features that have not yet been fully tested: the credibility and transparen...

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Bibliographische Detailangaben
1. Verfasser: Samiei, Hossein (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C International Monetary Fund 1999
Schriftenreihe:IMF Working Papers Working Paper No. 99/170
Online-Zugang:UBW01
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Zusammenfassung:The U.K. monetary policy framework, which combines inflation targeting with operational independence, provides a suitable arrangement for focused and credible monetary policy. However, potential weaknesses could result from features that have not yet been fully tested: the credibility and transparency of the inflation forecasts, which form the core of policy decisions, have diminished as a result of independence; and the framework could encourage excessive activism and frequent changes in interest rates. Although policy coordination could also suffer from independence, the new partly rules-based fiscal and monetary regimes will promote overall macroeconomic stability
Beschreibung:1 Online-Ressource (22 p)
ISBN:145185840X
9781451858402

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