MONETARY POLICY: PRICES VERSUS QUANTITIES

Ben Broadbent

National Institute Economic Review, 2023, vol. 263, 27-46

Abstract: Should the transmission of monetary policy be understood in terms of its impacts on interest rates and bond yields, or monetary aggregates? This article considers the relationship between those aggregates and inflation, both over the past and more recently. And explains how the MPC takes account of “QT” in its forecasts.

Date: 2023
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