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Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215029089
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
The Treasury Committee has established a practice of holding hearings with persons appointed to the Monetary Policy Committee (MPC) of the Bank of England and reporting on those hearings. This practice enhances the transparency of the appointment process and increases the level of information available to the public and to Parliament about the functioning of the MPC. The Committee has held a hearing with Professor David Blanchflower about his appointment to the MPC, and is satisfied that Professor Blanchflower meets the criteria for appointment.
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215029089
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
The Treasury Committee has established a practice of holding hearings with persons appointed to the Monetary Policy Committee (MPC) of the Bank of England and reporting on those hearings. This practice enhances the transparency of the appointment process and increases the level of information available to the public and to Parliament about the functioning of the MPC. The Committee has held a hearing with Professor David Blanchflower about his appointment to the MPC, and is satisfied that Professor Blanchflower meets the criteria for appointment.
Author: Kevin Warsh
Publisher:
ISBN:
Category :
Languages : en
Pages : 60
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Book Description
Author: Jérôme Vandenbussche
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215036070
Category : Political Science
Languages : en
Pages : 24
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Book Description
Vol. 1 was published as HCP 569-I, session 2006-07 (ISBN 9780215034885)
Author: Mr.Jan Kees Martijn
Publisher: International Monetary Fund
ISBN: 145185840X
Category : Business & Economics
Languages : en
Pages : 23
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Book Description
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.
Author: Great Britain: H.M. Treasury
Publisher: The Stationery Office
ISBN: 9780101858823
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper reviews the performance of the UK's flexible inflation targeting framework against the internationally-accepted monetary policy objective of price stability, a pre-requisite to longer-term growth and macroeconomic stability. Chapters cover the historical and international context, monetary policy frameworks and monetary policy instruments. The paper gives the Monetary Policy Committee's revised remit at Budget 2013. The Government has retained a flexible inflation target framework. The inflation target of 2 per cent, as measured by the 12-month increase in the Consumer Prices Index, is re-affirmed. The remit has been updated to clarify the trade-offs that are involved in setting monetary policy to meet a forward-looking inflation target, and in forming and communicating its judgements the MPC should promote understanding of these trade-offs. The remit continues to require an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction. The open letter from the Governor should now be sent alongside the minutes of the MPC meeting that followed the publication of the CPI data. The remit requests that the MPC provides in its August 2013 inflation report an assessment of the merits of using intermediate thresholds - policy commitments conditional on future economic developments. The remit also reflects the Government's intention that the frameworks for monetary policy and macro-prudential policy, operated by the MPC and FPC of the Bank of England respectively, should be coordinated.
Author: Jagjit Chadha
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
In response to the 2016 referendum on EU Membership and the ensuing uncertainty as to the eventual consequences of Brexit, the Bank of England (BoE) adopted various methods of influencing market rates, including conventional, unconventional monetary policy measures and communications on forward guidance. To investigate the effectiveness of BoE’s communication, we first decompose long-dated yields into a risk neutral and term premium component. Text-based analysis of Monetary Policy Committee minutes is then used to measure the stance of policy, attitudes to QE and Brexit. We show that the Bank’s communication strategy acted to complement the stance of monetary policy, which had responded by lowering Bank rate and expanding QE, and acted to lower the term premium that might otherwise have risen in response to Brexit uncertainty.
Author: Great Britain. Parliament. House of Lords. Select Committee on Economic Affairs
Publisher: The Stationery Office
ISBN: 9780104005491
Category : Fiscal policy
Languages : en
Pages : 44
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Book Description
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher:
ISBN: 9780102212013
Category : Finance
Languages : en
Pages : 90
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Book Description
The establishment of an operationally independent central bank was the first major policy decision by the Chancellor in 1997. He set out the framework whereby he would set the objectives for monetary policy, in the form of an inflation target, but the Bank of England and the nine-member Monetary Policy Committee (MPC) would have the operational responsibility. This report is divided into four sections. The first assesses the performance of the MPC, whilst the second examines the components of the broader monetary framework. The third part looks at how the Treasury Committee has met its own objectives and the last section looks at the wider aspects of economic policy. They conclude that the record of the MPC is impressive and it has established a high level of credibility but there is a worry that there is a bias to undershooting the inflation target.
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher:
ISBN:
Category : Great Britain
Languages : en
Pages :
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Book Description
Expresses concern at the lack of understanding of monetary policy by the general public. This work contains recommendations including: a single term for 'external' members of the MPC of up to six years with no reappointment; and, the creation of a confidential pool of candidates that can be drawn from at short notice to prevent delays.
