The UK is due to move to a system of real-time gross settlement (RTGS) later this year. Although the decision to move to RTGS was based on prudential concerns, this paper considers whether it has any implications for the implementation of monetary policy. In particular, the move could, in...

Market determined interest rates are important indicators for monetary policy since they can give a measure of market expectations of future policy. Although previous work in the Bank has estimated yield curves from gilt prices and found that these give useful information about long-term...