Does Public Disagreementon Monetary Policy Unsettle the Markets?

Hossein Samiei and Timothy Lane

No 1997/063, IMF Working Papers from International Monetary Fund

Abstract: Publication of minutes of monthly monetary policy meetings between the Chancellor of the Exchequer and the Governor of the Bank of England was a conspicuous feature of the United Kingdom’s inflation targeting framework from 1994 through April 1997. It was intended to reinforce credibility by publicizing the criteria on which policy was decided. On some occasions, however, these minutes revealed disagreement between the participants. This paper examines whether such disagreement unsettled the markets and detracted from credibility.

Keywords: WP; Disagreementon monetary policy; interest rate; market; sterling; market participant; inflation targeting; transparency; monetary policy credibility; interest rate differential; inflation targeting framework; Inflation; Exchange rates (search for similar items in EconPapers)
Pages: 11
Date: 1997-05-01
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