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The Economic Affairs Committee was appointed in 2001, with a wide remit to consider all matters of economic affairs. It follows on from the MPC Committee (House of Lords Select Committee on the Monetary Policy Committee of the Bank of England) and will continue its work. To this end this report contains evidence from the Governor of the Bank of England and the response of the Government and the MPC to the last report by the MPC Committee.
Book Synopsis Monetary Policy Committee of the Bank of England by : Great Britain. Parliament House of Lords. Select Committee on Economic Affairs
Download or read book Monetary Policy Committee of the Bank of England written by Great Britain. Parliament House of Lords. Select Committee on Economic Affairs and published by . This book was released on 2001 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic Affairs Committee was appointed in 2001, with a wide remit to consider all matters of economic affairs. It follows on from the MPC Committee (House of Lords Select Committee on the Monetary Policy Committee of the Bank of England) and will continue its work. To this end this report contains evidence from the Governor of the Bank of England and the response of the Government and the MPC to the last report by the MPC Committee.
Book Synopsis Select Committee on the Monetary Policy Committee of the Bank of England by : Great Britain. Parliament. House of Lords. Select Committee on the Monetary Policy Committee of the Bank of England
Download or read book Select Committee on the Monetary Policy Committee of the Bank of England written by Great Britain. Parliament. House of Lords. Select Committee on the Monetary Policy Committee of the Bank of England and published by . This book was released on 1999 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Elements of Optimal Monetary Policy Committee Design by : Jérôme Vandenbussche
Download or read book Elements of Optimal Monetary Policy Committee Design written by Jérôme Vandenbussche and published by International Monetary Fund. This book was released on 2006-12 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Policy Committee of the Bank of England by : Great Britain. Parliament House of Commons. Treasury Committee
Download or read book Monetary Policy Committee of the Bank of England written by Great Britain. Parliament House of Commons. Treasury Committee and published by . This book was released on 2001-05-25 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Vol. 1 was published as HCP 569-I, session 2006-07 (ISBN 9780215034885)
Book Synopsis The Monetary Policy Committee of the Bank of England by : Great Britain: Parliament: House of Commons: Treasury Committee
Download or read book The Monetary Policy Committee of the Bank of England written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2007-08-22 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Vol. 1 was published as HCP 569-I, session 2006-07 (ISBN 9780215034885)
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.
Book Synopsis Monetary Policy Committee by : Great Britain. Parliament. House of Commons. Treasury Committee
Download or read book Monetary Policy Committee written by Great Britain. Parliament. House of Commons. Treasury Committee and published by . This book was released on 2001 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
This is the second House of Lords report on the working of the Monetary Policy Committee. The first part looks at the objective given to the MPC, whether the 2.5% inflation target is right and the co-ordination between monetary and fiscal policy. The second part looks at the transparency of the MPC and the information they publish to support their decisions. The third part examines the technical issues on the implementation of policy, such as why inflation is mostly below target, whether the index used is the appropriate measure of inflation, the record of forecasting and the success of the MPC. The fourth part is concerned with the membership of the MPC and the way it is appointed.
Book Synopsis Select Committee on the Monetary Policy Committee of the Bank of England by : Great Britain. Parliament House of Lords
Download or read book Select Committee on the Monetary Policy Committee of the Bank of England written by Great Britain. Parliament House of Lords and published by . This book was released on 2001 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second House of Lords report on the working of the Monetary Policy Committee. The first part looks at the objective given to the MPC, whether the 2.5% inflation target is right and the co-ordination between monetary and fiscal policy. The second part looks at the transparency of the MPC and the information they publish to support their decisions. The third part examines the technical issues on the implementation of policy, such as why inflation is mostly below target, whether the index used is the appropriate measure of inflation, the record of forecasting and the success of the MPC. The fourth part is concerned with the membership of the MPC and the way it is appointed.
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.
Book Synopsis Review of the Monetary Policy Framework by : Great Britain: H.M. Treasury
Download or read book Review of the Monetary Policy Framework written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2013-03-20 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Policy Committee of the Bank of England by : Great Britain. Parliament. House of Commons. Treasury Committee
Download or read book Monetary Policy Committee of the Bank of England written by Great Britain. Parliament. House of Commons. Treasury Committee and published by . This book was released on 1999 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
