This paper outlines the calculations used to construct the Bank of England's measure of retail price inflation, RPIY, which excludes the effects of indirect taxes on final consumption, mortgage interest payments and local authority taxation. This measure of inflation has been constructed in...

Increasing interest has been shown in recent years in index number measures of money which weight the different components within each monetary aggregate. An assessment of Divisia measures of money including an appraisal of the theoretical arguments for the Divisia approach to monetary...

This paper presents some econometric modelling of M4 balances. It extends earlier Bank research on M4 by looking separately at personal and corporate holdings of money, and applies some recent advances in econometric methodology. The results confirm the importance of sectoral analysis. The...

This paper analyses four aspects of the determination and effects of M0 using annual, quarterly and monthly data. First it analyses the issue of the correct scale variable for determining M0. A combination of survey evidence and statistical tests indicate that retail sales is the most...