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Monetary policy under Labour

Besley, Timothy and Sheedy, Kevin D. (2010) Monetary policy under Labour. National Institute Economic Review, 212 (1). R15-R33. ISSN 0027-9501

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Abstract

This paper analyses Labour's record on monetary policy and the record of the MPC which it created. The paper begins by discussing the conceptual framework and institutions behind inflation targeting as it operates in the UK. We then discuss the successes that it enjoyed up to 2007 and debate the lessons that are being learned as a consequence of the experience since then. We then raise some of the formidable challenges that UK monetary policy must now face up to including maintaining the credibility of the inflation targeting regime in the face of greater interdependence between monetary and fiscal policy, and between monetary policy and support to the banking system and financial markets.

Item Type: Article
Official URL: http://ner.sagepub.com/
Additional Information: © 2010 SAGE
Library of Congress subject classification: H Social Sciences > HJ Public Finance
J Political Science > JA Political science (General)
Sets: Departments > Economics
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 10 Apr 2011 12:01
URL: http://eprints.lse.ac.uk/35355/

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