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Methodological Triangulation at the Bank of England:An Investigation

  • Paul Downward

    (Augusta State University)

  • Andrew Mearman

    ()

    (School of Economics, University of the West of England)

This paper investigates the extent to which triangulation takes place within the Monetary Policy Committee (MPC) process at the Bank of England. Triangulation is at its most basic, the mixing of two or more methods, investigators, theories, methodologies or data in a single investigation. More specifically, we argue for triangulation as a commitment in research design to the mixing of methods in the act of inference. The paper argues that there are many motivations for triangulation as well as types of triangulation. It is argued that there is evidence of extensive triangulation of different types within the MPC process. However, there is very little theoretical triangulation present; raising concerns about pluralism. Also, it is argued that the triangulation which occurs is mainly undertaken for pragmatic reasons and does not reflect other, coherent ontological and epistemological positions.

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File URL: http://carecon.org.uk/DPs/0505.pdf
File Function: First version, 2005
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Paper provided by Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol in its series Working Papers with number 0505.

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Date of creation: Aug 2005
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Handle: RePEc:uwe:wpaper:0505
Contact details of provider: Postal: 0117 328 3610
Phone: 0117 328 3610
Web page: http://www1.uwe.ac.uk/bl/research/bristoleconomics.aspx

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  1. Norman Blaikie, 1991. "A critique of the use of triangulation in social research," Quality & Quantity: International Journal of Methodology, Springer, vol. 25(2), pages 115-136, May.
  2. Andrew Mearman, 2004. "'Open-Systems' and Economic Methodology," Working Papers 0402, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  3. Bean, Charles, 1998. "The New UK Monetary Arrangements: A View from the Literature," Economic Journal, Royal Economic Society, vol. 108(451), pages 1795-1809, November.
  4. Yates, Tony & Richard Harrison & George Kapetanios, 2003. "Forecasting with measurement errors in dynamic models," Royal Economic Society Annual Conference 2003 225, Royal Economic Society.
  5. George Kapetanios & Tony Yates, 2004. "Estimating time-variation in measurement error from data revisions; an application to forecasting in dynamic models," Bank of England working papers 238, Bank of England.
  6. Budd, Alan, 1998. "The Role and Operations of the Bank of England Monetary Policy Committee," Economic Journal, Royal Economic Society, vol. 108(451), pages 1783-94, November.
  7. David Cobham, 2003. "Why does the Monetary Policy Committee smooth interest rates?," Oxford Economic Papers, Oxford University Press, vol. 55(3), pages 467-493, July.
  8. Paul Downward & Andrew Mearman, 2002. "Critical Realism and Econometrics: Constructive Dialogue with Post Keynesian Economics," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 391-415, November.
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