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Keywords:Monetary policy - Great Britain 

Journal Article
The Bank of England's monetary policy

As the second oldest and perhaps the most renowned central bank, the Bank of England could provide some important insights into issues that may confront the Federal Reserve System in the future.
New England Economic Review , Issue Q 2 , Pages 61-64

Journal Article
Inflation targeting: lessons from four countries

In recent years, a number of central banks have chosen to orient their monetary policy toward the achievement of numerical inflation targets. This study examines the experience of the first three countries to adopt an inflation-targeting strategy--New Zealand, Canada, and the United Kingdom. It also considers the German experience with a monetary targeting scheme that incorporated many elements of inflation targeting even earlier. The authors find that the countries adopting a numerical inflation target have successfully maintained low inflation rates. Other benefits of inflation targeting ...
Economic Policy Review , Volume 3 , Issue Aug , Pages 9-110

Conference Paper
Monetary policy rules for an open economy

The most popular simple rule for the interest rate, due to Taylor (1993a) is meant to inform monetary policy in economies that are closed. On the other hand, its main open economy alternative, i.e. Ball's (1999) rule based on a Monetary Conditions Index (MCI), may perform poorly in the face of specific types of exchange rate shocks and thus cannot offer guidance for the day-to-day conduct of monetary policy. In this paper we specify and evaluate a comprehensive set of simple monetary policy rules that are suitable for small open economies in general, and for the United Kingdom in particular. ...
Proceedings , Issue Mar

What was the market's view of U.K. monetary policy? Estimating inflation risk and expected inflation with indexed bonds

A measure of the credibility of monetary policy is the inflation risk premium in nominal yields. This will be time varying and can be estimated by combining the information in the nominal term structure with that in the real term structure. We estimate these risk premia using a generalized CIR affine-yield model, with one factor driving the real term structure of monthly observations on two-year, five-year and ten-year UK index-linked debt and two factors driving the term structure of the corresponding nominal yields. Our estimates show that the inflation risk premium contributes on average ...
Staff Reports , Paper 57

Working Paper
The term structure of inflation compensation in the nominal yield curve

We propose a DSGE model with regime switching in the central bank?s inflation target to explain inflation compensation in the UK. Taking advantage of the well-documented change in UK monetary policy to adopt inflation targeting, we estimate our model using nominal and inflation-linked Treasury bond data from the UK from 1985 to 2007. We find that this model can account for the term structure of inflation compensation in the nominal yield curve by generating regime-dependent conditional expectations of future inflation.
Working Papers (Old Series) , Paper 1133

Conference Paper
Monetary transmission channels in major foreign industrial countries

Proceedings , Paper 1, pt. 1

Journal Article
Inflation measurement and inflation targets: the UK experience

Review , Issue May , Pages 179-185

Working Paper
Euro membership as a U.K. monetary policy option: results from a structural model

Developments in open-economy modeling, and the accumulation of experience with the monetary policy regimes prevailing in the United Kingdom and the euro area, have increased our ability to evaluate the effects that joining monetary union would have on the U.K. economy. This paper considers the debate on the United Kingdom's monetary policy options using a structural open-economy model. We use the Erceg, Gust, and Lopez-Salido (EGL) (2007) model to explore both the existing U.K. regime (CPI inflation targeting combined with a floating exchange rate), and adoption of the euro, as monetary ...
Working Papers , Paper 2009-012

Working Paper
An overhaul of doctrine: the underpinning of U.K. inflation targeting

This paper argues that the inflation targeting regime prevailing in the United Kingdom is not the result of a change in policymaker objectives. By conducting an analysis of U.K. policymakers that parallels Romer and Romer?s (2004) study of Federal Reserve Chairmen, I demonstrate that policymaker objectives have been essentially unchanged over the past five decades. Instead, the crucial underpinning of U.K. inflation targeting has been an overhaul of doctrine?a changed view of the transmission mechanism. This overhaul can be understood in terms of changes in policymakers? views on the values ...
Working Papers , Paper 2007-026

Journal Article
Monetary policy without reserve requirements : case studies and options for the United States

Over the past decade, the level of required balances held by depository institutions in the United States has declined dramatically. The decline in reserve balances has fueled a debate over the role of reserve requirements. On the one hand, proponents of reserve requirements argue that low reserve balances may complicate monetary policy operations and increase short-term interest rate volatility. On the other hand, critics of reserve requirements argue that lower reserve requirements remove a distortionary tax on depository institutions and need not complicate monetary policy operations. ; In ...
Economic Review , Volume 82 , Issue Q II , Pages 5-30



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