Reflections on Monetary Policy after 25 Years of the MPC / edited by Sean Holly [and three others].

Format:

Book

Contributor:

Holly, Sean, editor.

Series:

Macroeconomic policy making

Macroeconomic Policy Making Series

Language:

English

Subjects (All):

Monetary policy--Great Britain.

Monetary policy.

Banks and banking, Central--Great Britain.

Banks and banking, Central.

Bank of England.

Physical Description:

1 online resource (x, 196 pages) : digital, PDF file(s).

Edition:

First edition.

Place of Publication:

Cambridge, England : Cambridge University Press, [2024]

Summary:

Central Bank independence has become a key part of how the world economy operates. We examine the independence of the Bank of England since 1997 and how independence has worked in practice to control inflation and stimulate economic growth

Contents:

Cover

Half-title page

Series page

Title page

Copyright page

Contents

List of Figures

List of Tables

List of Contributors

I Overview

1 An Introduction

Transparency and Communication

Objectives and Tools

Decision-Making Process

2 Twenty-Five Years of Bank of England Independence: An International Perspective

Introduction

Operational Independence

MPC Accountability and Transparency

MPC Communications: From Drip Feed to Deluge

Achievement of Inflation Target

Unconventional Monetary Policy

Post-pandemic Inflation Surge

Conclusions

Revolution 2: Broader Communication

Is a 3rd Revolution Coming?

Conclusion

References

5 Central Bank Communication: Never Excuse, Never Explain

A Brief History of Central Bank Communication

What Should Central Banks Communicate and Why?

Communicating Future Policy: Odyssean versus Delphic Communication

Evaluation

III Targets and Instruments

6 The MPC Remit at 25: Growing Pains?

A Time of Innocence, a Time of Confidences4

the First MPC Remit

Are Remits a Universal Tool? Experiences from the IMF

Innocence Lost: The Expansion of the MPC Remit

Should the Remit Include Climate Change?

7 Raising the Inflation Target

History and Motivation for the 2% Inflation Target

Economic News since the 2% Target Was Set

The Inflation Target and the Fisher Relation

Alternative Policy Tools

The Drawbacks of a Higher Inflation Target

Conclusions

8 What Have We Learnt about Unconventional Monetary Policy Tools? Lessons from the Global Pandemic

This Time Is Different

Central Banks Did Not Act Alone

The Power of Forward Guidance Can Be Eroded

Exiting Will Always Be Disruptive

A Moderate and Considerate Approach Is No Longer Optimal

The Use of Multiple Instruments Challenges Central Bank Independence

The Problem with the Effective Lower Bound on Interest Rates

The Future of Paper Currency

9 Finding New Objectives, Seeking New Instruments

The Great Moderation, 1997-2007: New Objectives?

The Global Financial Crisis and Its Aftermath: Objectives and Instruments

Assessment

References

Notes:

Title from publisher's bibliographic system (viewed on 14 Nov 2024).

Description based on print version record.

Includes bibliographical references and index.

ISBN:

9781009471893

1009471899

9781009471916

1009471910

9781009471886

1009471880