UK monetary policy 1972-97: a guide using Taylor rules

Edward Nelson

Bank of England working papers from Bank of England

Abstract: This paper estimates simple interest rate reaction functions or 'Taylor rules' for different UK monetary policy regimes. In the period between the floating of sterling in June 1972 and the Bank of England receiving operational independence in May 1997, UK monetary policy went through several regimes, including: the early 1970s, when monetary policy was subordinate to incomes policy as the primary weapon against inflation; oM3 targeting in the late 1970s and early 1980s; moves in the late 1980s toward greater exchange rate management, culminating in UK membership of the ERM from 1990 to 1992; and inflation targeting from October 1992.

Date: 2000-07
New Economics Papers: this item is included in nep-cba, nep-eec, nep-his, nep-ifn, nep-mac and nep-mon
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Working Paper: UK Monetary Policy 1972-97: A Guide Using Taylor Rules (2001)
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