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Recent Developments in Central Banking: Some Special Features of the Monetary Policy Committee and of the European System of Central Banks

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  • Charles Goodhart

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Abstract

Immediately after 1997 General Election, the Chancellor of the Exchequer, Gordon Brown, gave the Monetary Policy Committee a single objective, which is an Inflation Target, defined as 2.5% for retail price inflation, excluding mortgage interest payments, i.e. RPIX. So, as you may imagine, the members of the MPC are avid users of data on inflation, and on all the manifold factors that may help to contribute to present and future inflation.

Suggested Citation

  • Charles Goodhart, 1999. "Recent Developments in Central Banking: Some Special Features of the Monetary Policy Committee and of the European System of Central Banks," FMG Special Papers sp118, Financial Markets Group.
  • Handle: RePEc:fmg:fmgsps:sp118
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    File URL: http://www.lse.ac.uk/fmg/documents/specialPapers/1990s/sp118.pdf
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    Cited by:

    1. Buiter, Willem H., 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers.
    2. W.H. Buiter, 2000. "Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? (With an Application to UK Membership in EMU)," CEP Discussion Papers dp0462, Centre for Economic Performance, LSE.
    3. Gerlach-Kristen, Petra, 2008. "Taking two steps at a time: On the optimal pattern of policy interest rates," Journal of Economic Dynamics and Control, Elsevier, vol. 32(2), pages 550-570, February.
    4. Buiter, Willem H., 2003. "Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence," CEPR Discussion Papers 4001, C.E.P.R. Discussion Papers.
    5. Buiter, Willem H., 2008. "Can Central Banks Go Broke?," CEPR Discussion Papers 6827, C.E.P.R. Discussion Papers.
    6. Rachel Lomax, 2005. "Inflation Targeting in Practice: Models, Forecasts, and Hunches," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 33(3), pages 251-265, September.

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