MPC dove slams policy orthodoxy

David Blanchflower, an external member of the Bank of England's Monetary Policy Committee, has launched a scathing attack on monetary-policy orthodoxy, questioning inflation targeting's intellectual roots and advocating consideration of whether to use rates to counter asset-price bubbles.

"It is clear that the intellectual basis for inflation targeting has been called into question," Blanchflower, who will step down in the coming months, said. "The economic models that provided the rationale for

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: