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| Author: | Nelson, E. |
| Title: | An overhaul of doctrine: The underpinning of UK inflation targeting |
| Journal: | Economic Journal
2009 : JUN, VOL. 119:538, p. 333-368 |
| Index terms: | economic policy economic forecasting monetary policy inflation history United Kingdom |
| Language: | eng |
| Abstract: | The inflation targeting (henceforth as: i-trg.) regime in the United Kingdom (UK) is not the result of a change in policy makers' (as: plmks.) objectives. Analysis of UK plmks.' statements shows the objectives having been essentially unchanged over five decades. Instead, the crucial underpinning of UK i-trg. is an overhaul of doctrine, involving changes in plmks.' views as to key IS and Phillips (as: P.) curve's parameters. They have especially involved whether levels terms of the real interest rate and the output gap appear in the curves. Opposed to conventional wisdom, changing views on the expected-inflation term in the P. curve do not play a role. |
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