Base Money Rules in the United Kingdom

Andrew Haldane, Bennett McCallum and Chris Salmon

The Manchester School of Economic & Social Studies, 1996, vol. 64, issue 0, 1-27

Abstract: The authors conduct counterfactual stochastic simulations of B. T. McCallum's monetary policy rule for the United Kingdom. This rule targets nominal GDP using the monetary base as its instrument. It is able to secure a dramatic improvement in inflation performance compared with historical outturns, at the same time imposing few countervailing costs, measured in terms of output or instrument instability. An example is given of how the rule might be used at an operational level in the setting of U.K. monetary policy. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:bla:manch2:v:64:y:1996:i:0:p:1-27

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