Inflation Targeting: The UK Experience

16 Pages Posted: 26 Apr 2005

See all articles by Charles Richard Bean

Charles Richard Bean

London School of Economics & Political Science (LSE) - Department of Economics; Bank of England

Abstract

In this speech, Charles Bean, Chief Economist and member of the Monetary Policy Committee, reviews the background to the adoption of an inflation target in 1992 and the subsequent development of the regime, in particular the delegation of operational responsibility for monetary policy to the Bank of England in 1997 and the associated institutional framework. He goes on to explain some aspects of the way policy is formulated and conducted at the Bank, relating it to some of the burgeoning literature on inflation targeting. He next reviews some aspects of performance since the Bank's independence and concludes with a discussion of the question of how monetary policy should respond to asset price booms and high rates of debt accumulation.

Suggested Citation

Bean, Charles Richard and Bean, Charles Richard, Inflation Targeting: The UK Experience. Bank of England Quarterly Bulletin, Winter 2003, Available at SSRN: https://ssrn.com/abstract=706844

Charles Richard Bean (Contact Author)

Bank of England ( email )

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London School of Economics & Political Science (LSE) - Department of Economics ( email )

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