Insiders and outsiders at the Bank of England

A recent trend in central banking is the shift towards inflation targetting and monetary policy committees in which policymakers set interest rates by voting. While inflation targetting has lost most of its initial controversy, the need for MPCs and the benefits of publishing the votes, which is a hallmark of this new setup, remain subject to debate. Some central banks, as for example the Reserve Bank of New Zealand, have introduced inflation targetting but retained a single policymaker. Others,

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