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Central Bank Independence and the Conduct of Monetary Policy in the United Kingdom
Hossein Samiei
Mr. Jan Kees Martijn
出版
International Monetary Fund
, 1999-12-01
主題
Business & Economics / Economics / Macroeconomics
Business & Economics / Economics / General
Business & Economics / International / Economics
ISBN
1451903650
9781451903652
URL
http://books.google.com.hk/books?id=Yb87YHOHL5MC&hl=&source=gbs_api
註釋
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.
