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| Author: | Cobham, D. |
| Title: | The post-ERM framework for monetary policy in the United Kingdom: Bounded credibility |
| Journal: | Economic Journal
1997 : JUL, VOL. 106:443, p. 1128-1141 |
| Index terms: | EXCHANGE RATE MECHANISM CURRENCY MONETARY POLICY UNITED KINGDOM |
| Language: | eng |
| Abstract: | The monetary authorities have constructed an alternative framework for monetary policy which involves a new inflation target and a greater degree of autonomy for the Bank of England, since the UK left the ERM of the European Monetary System in 1992. This study assesses the new framework by examining what it consist of and the way in which it appears to have operated so far against the background of the problems previously experienced with monetary and exchange rate targets. The central problems facing UK monetary policy remain: how to achieve credibility and avoid costs of time-inconsistency; whether and how to control the level or/and variability of exchange rate. |
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