Finding new objectives, seeking new instruments

David Cobham

No 2024-02, Accountancy, Economics, and Finance Working Papers from Heriot-Watt University, Department of Accountancy, Economics, and Finance

Abstract: This short paper use the perspective of the assignment problem to examine the evolution of the workings of monetary policy and the Monetary Policy Committee (MPC) of the Bank of England over its first 25 years. It outlines how the Bank, and the MPC, came across additional possible objectives and searched for additional possible instruments. It then argues the need for some recasting of the role of the MPC and the way in which it operates.

Keywords: assignment problem; monetary policy; inflation targeting; inflation; economic growth (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 F33 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-ban, nep-cba, nep-his and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hwuaef:281088

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