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What accounts for the bias in the inflation targeting performance of the Bank of England?

Authors
Publisher
London School of Economics and Political Science
Publication Date
Keywords
  • Hj Public Finance
Disciplines
  • Economics
  • Political Science

Abstract

What accounts for the bias in the inflation targeting performance of the Bank of England LSE Research Online Monograph Willem H. Buiter What accounts for the bias in the inflation targeting performance of the Bank of England? Mimeo, Universiteit van Amsterdam. Copyright © 2005 Willem H. Buiter, LSE, CEPR and NBER. Original available at http://www.nber.org/~wbuiter/public.htm You may cite this version as: Buiter, Willem H. (2005). What accounts for the bias in the inflation targeting performance of the Bank of England? [online] London: LSE Research Online. Available at: http://eprints.lse.ac.uk/archive/00000713 Available online: April 2006 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. http://eprints.lse.ac.uk Contact LSE Research Online at: [email protected] What accounts for the bias in the inflation targeting performance of the Bank of England? Willem H. Buiter1 European Bank for Reconstruction and Development2, Universiteit van Amsterdam, LSE, CEPR and NBER 19 February 2005 version On 6 May 1997, the government granted the Bank of England operational autonomy; the government would set a target inflation rate and the Bank would implement this with an independently chosen interest rate. The Bank’s Monetary Policy Committee (MPC) set interest rates for the first time in June 1997 and its existence w

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