The Bank of England's Monetary Policy Committee

Michael Wickens

National Institute Economic Review, 2006, vol. 196, issue 1, 77-91

Abstract: This article assesses the new monetary policy regime introduced in the UK in 1997. It discusses the original remit given to the Bank of England, how it has been interpreted by the Bank and the conduct of monetary policy by the Monetary Policy Committee (MPC) subsequently. The article draws heavily on my experience as Specialist Adviser to the House of Lords Select Committee on Economic Affairs over this whole period. I conclude that the MPC has been very successful in fulfilling its remit, but that a puzzle remains at the heart of the policy over whether the way inflation targeting has worked in practice is consistent with how it is said to work in theory.

Keywords: Inflation targeting; monetary policy Bank of England Monetary Policy Committee; House of Lords Economic Affairs Committee (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:sae:niesru:v:196:y:2006:i:1:p:77-91

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