Does Public Disagreementon Monetary Policy Unsettle the Markets?
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Summary:
Publication of minutes of monthly monetary policy meetings between the Chancellor of the Exchequer and the Governor of the Bank of England was a conspicuous feature of the United Kingdom’s inflation targeting framework from 1994 through April 1997. It was intended to reinforce credibility by publicizing the criteria on which policy was decided. On some occasions, however, these minutes revealed disagreement between the participants. This paper examines whether such disagreement unsettled the markets and detracted from credibility.
Series:
Working Paper No. 1997/063
Subject:
Exchange rates Foreign exchange Inflation Inflation targeting Monetary policy Prices
English
Publication Date:
May 1, 1997
ISBN/ISSN:
9781451848380/1018-5941
Stock No:
WPIEA0631997
Pages:
11
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