history of honesty and a high level of central bank independence. According to our respondents, the Federal Reserve is the … most credible, transparent and independent central bank out of seven large central banks. The ECB is not perceived as …

In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output … stabilizing output gap changes, the central bank imparts inertia into output and inflation that is absent under pure discretion …. Even a fully optimizing (i.e., non-myopic) central bank operating in a discretionary policy environment achieves better …

European Central Bank and the Bank of England have undermined these orders, thereby eroding productivity gains and growth …

.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the … international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that …. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries …

Since 1997, the Bank of England Monetary Policy Committee (MPC) has met monthly to set the UK policy interest rate. We …

We first establish that policymakers on the Bank of England’s Monetary Policy Committee choose lower interest rates …

, the provision of public services/ investment, and social equity), together with an independent central bank. Monetary … combining fiscal leadership with an (instrument) independent central bank. The key feature is the ability to trade target (not …