The United Kingdom's monetary policy strategy is one of floating exchange rates and inflation forecast targeting, with the targeted measure referring to consumer prices. We consider whether it is welfare-reducing to target inflation in the CPI rather than in a narrower index; and the role of the...

This article examines the new consensus that fiscal policy should have no macroeconomic role in `flexible inflation targeting` regimes. There is little basis for this presumption. Fiscal policy remains important in setting the policy mix and in managing shocks and imbalances. The credibility of...

This paper is the text of the key-note speech on macroeconomics given by Christopher Allsopp at the 75th Anniversary Symposium of the Austrian Institute of Economic Research (WIFO) in Vienna on January 23rd 2002. It discusses the role of the European Central Bank, coordination issues between...

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...

The United Kingdom*s monetary policy strategy is one of floating exchange rates and inflation forecast targeting, with the targeted measure referring to consumer prices. We consider whether it is welfare-reducing to target inflation in the CPI rather than in a narrower index; and the role of the...

This article focuses on issues surrounding international oil markets within the wider context of international energy, the global economy, and conflicting agendas such as energy security and climate change. It is suggested that important aspects of the current situation appear...