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Monetary Policy and Forward Guidance in the UK

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  • David Miles

Abstract

This paper assesses the case for the use of more explicit forward guidance on monetary policy in the UK. Such a policy was introduced in the middle of 2013. The economic conditions at that time meant that the rule adopted by the Monetary Policy of the Bank of England helped avert some risks to the emerging recovery.

Suggested Citation

  • David Miles, 2014. "Monetary Policy and Forward Guidance in the UK," Manchester School, University of Manchester, vol. 82(S1), pages 44-59, September.
  • Handle: RePEc:bla:manchs:v:82:y:2014:i:s1:p:44-59
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    File URL: http://hdl.handle.net/10.1111/manc.12069
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    References listed on IDEAS

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    1. Cooper, Russell & Corbae, Dean, 2002. "Financial Collapse: A Lesson from the Great Depression," Journal of Economic Theory, Elsevier, vol. 107(2), pages 159-190, December.
    2. Farmer, Roger, 2013. "The Natural Rate Hypothesis: an idea past its sell-by date," Bank of England Quarterly Bulletin, Bank of England, vol. 53(3), pages 244-256.
    3. Robert G. King & Alexander L. Wolman, 2004. "Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria," The Quarterly Journal of Economics, Oxford University Press, vol. 119(4), pages 1513-1553.
    4. David N.F. Bell & David G. Blanchflower, 2013. "Underemployment in the UK Revisited," National Institute Economic Review, National Institute of Economic and Social Research, vol. 224(1), pages 8-22, May.
    5. King, Robert G. & Wolman, Alexander L., 2004. "Monetary discretion, pricing complementarity and dynamic multiple equilibria," Working Paper Series 343, European Central Bank.
    6. Stephen Morris & Hyun Song Shin, 2001. "Rethinking Multiple Equilibria in Macroeconomic Modeling," NBER Chapters,in: NBER Macroeconomics Annual 2000, Volume 15, pages 139-182 National Bureau of Economic Research, Inc.
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