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Uncertainty and UK Monetary Policy

Christopher Martin () and Costas Milas ()

Working Papers from Department of Economics, City University London

Abstract: This paper provides empirical evidence on the response of monetary policymakers to uncertainty. Using data for the UK since the introduction of inflation targets in October 1992, we find evidence that the impact of inflation on interest rates is lower when inflation is more uncertain and is larger when the output gap is more uncertain. These findings are consistent with the predictions of the theoretical literature.

Keywords: monetary policy; uncertainty (search for similar items in EconPapers)
Date: 2004
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Working Paper: Uncertainty and UK Monetary Policy (2005) Downloads
Working Paper: Uncertainty and UK Monetary Policy (2004) Downloads
Working Paper: Uncertainty and UK Monetary Policy (2004) Downloads
Working Paper: Uncertainty and UK Monetary Policy (2004) Downloads
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