Does Public Disagreement on Monetary Policy Unsettle the Markets?

11 Pages Posted: 15 Feb 2006

See all articles by Timothy Lane

Timothy Lane

International Monetary Fund (IMF) - Policy Development and Review Department

Hossein Samiei

International Monetary Fund (IMF)

Date Written: May 1997

Abstract

Publication of minutes of monthly monetary policy meetings between the Chancellor of the Exchequer and the Governor of the Bank of England was a conspicuous feature of the United Kingdom's inflation targeting framework from 1994 through April 1997. It was intended to reinforce credibility by publicizing the criteria on which policy was decided. On some occasions, however, these minutes revealed disagreement between the participants. This paper examines whether such disagreement unsettled the markets and detracted from credibility.

Keywords: inflation targeting, transparency

JEL Classification: E52

Suggested Citation

Lane, Timothy and Samiei, Hossein, Does Public Disagreement on Monetary Policy Unsettle the Markets? (May 1997). IMF Working Paper No. 97/63, Available at SSRN: https://ssrn.com/abstract=882333

Timothy Lane (Contact Author)

International Monetary Fund (IMF) - Policy Development and Review Department ( email )

700 19th St. NW
Washington, DC 20431
United States
202-623-7648 (Phone)
202-623-4405 (Fax)

Hossein Samiei

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
(202) 623-6356 (Phone)

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