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Persistent link: https://www.econbiz.de/10013542897
The transparency and openness of the monetary policymaking process at the Bank of England has provided very detailed information on both the decisions of individual members of the Monetary Policy Committee and the information on which they are based. In this paper we consider this decision...
Persistent link: https://www.econbiz.de/10014065075
In this speech, Mervyn King, Deputy Governor, reflects on the first five years of the Monetary Policy Committee. He poses four questions about the role and record of the MPC. First, why give the power to decide interest rates to a committee rather than an individual? Second, does it matter that...
Persistent link: https://www.econbiz.de/10014065413
This paper develops and estimates a game-theoretical model of inflation targeting where the central banker''s preferences are asymmetric around the targeted rate. Specifically, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker''s...
Persistent link: https://www.econbiz.de/10014400680
This paper presents the first set of Poverty Reduction and Growth Trust (PRGT) borrowing agreements that have been signed to respond to the unprecedented demand for concessional financing during the COVID-19 pandemic. A fast-track loan mobilization round has been instrumental to allow the Fund...
Persistent link: https://www.econbiz.de/10014408897
This technical note and manual (TNM) addresses the following main issues: •Interaction between treasury cash management and monetary policy operations within the wider context of the respective economic responsibilities of the ministry of finance and the central bank. •Institutional...
Persistent link: https://www.econbiz.de/10014411791
In 2010, Ireland was experiencing a bank crisis and a sovereign debt crisis as a result of fallout from the broader Global Financial Crisis that had begun in 2007. Irish banks were having difficulty raising funds on wholesale funding markets and had borrowed extensively from the European Central...
Persistent link: https://www.econbiz.de/10014346358
In 2019, the Bank of England (BoE) determined that a disorderly exit of the United Kingdom from the European Union (EU)—commonly referred to as Brexit—could disrupt the flow of financial services that EU firms provided to UK households and businesses. To ensure that UK banks, building...
Persistent link: https://www.econbiz.de/10014346360
Differences of opinion are a natural and vital part of monetary policy making by committee. With the appropriate stance for monetary policy both unobservable and uncertain, individual policymakers need to synthesise a wide range of information, including the views of other committee members....
Persistent link: https://www.econbiz.de/10014351922
What determines the stochastic path of inflation? We study this question in a monetary economy featuring imperfect information and rational expectations. The central bank follows an inflation targeting rule and communicates noisy information about the future state of the economy to market...
Persistent link: https://www.econbiz.de/10014353037