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Decision-making at the Bank of England: a critical appraisal

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  • Paul Downward
  • Andrew Mearman

Abstract

This paper investigates the process of decision-making within the Bank of England and the Monetary Policy Committee (MPC): specifically, the extent of triangulation in the process. Triangulation is the mixing of two or more methods, investigators, theories, or data in a single investigation. Extensive evidence of limited triangulation is found within the MPC process. It is suggested that to enhance the logical consistency of their recommendations, the Bank engages in greater method triangulation. Further, in keeping with the moves towards transparency in the MPC process, it is proposed that procedures for employing the existing triangulation be codified. Copyright 2008 , Oxford University Press.

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  • Paul Downward & Andrew Mearman, 2008. "Decision-making at the Bank of England: a critical appraisal," Oxford Economic Papers, Oxford University Press, vol. 60(3), pages 385-409, July.
  • Handle: RePEc:oup:oxecpp:v:60:y:2008:i:3:p:385-409
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    References listed on IDEAS

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    Cited by:

    1. Geoffrey M Hodgson, 2012. "On the Limits of Rational Choice Theory," Economic Thought, World Economics Association, vol. 1(1), pages 1-5, July.
    2. Andrew Mearman, 2008. "Pluralism and Heterodoxy: Introduction to the Special Issue," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 1(2), pages 5-25, March.

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