This paper discusses the two-way interaction between policy and academic enquiry regarding rules for monetary policy. The emerging consensus on monetary policy is described; in that context, some of the features of the current UK system are outlined which seem particularly important. From a...

In this paper we discuss the emergence of the new European macroeconomic structure within EMU. We focus on three important elements: the wage-fixing authorities in each country, the fiscal authorities in each country, and the single European Central Bank (ECB). We identify serious problems which...

In this speech, Christopher Allsopp discusses UK monetary policy in the context of emerging global and domestic imbalances, outlining the kinds of responses that should be anticipated under the present monetary policy framework. Negative shocks from the world economy bear particularly hard on...

In this paper, Christopher Allsopp of the Monetary Policy Committee discusses the two-way interaction between policy and academic enquiry regarding rules for monetary policy. The emerging consensus on monetary policy is described; in that context, some of the features of the current UK system are...