Policy shifts improved inflation outlook

The decline in the level, persistence and volatility of inflation across industrialised countries since the mid-1980s is due in part to improvements in monetary policy, finds a Bank of England working paper.

Better fiscal policy, increased productivity and the onset of globalisation also helped curb price growth.

The paper also indicated that a harmonisation of inflation rates in most developed countries had occurred in conjunction with the monetary policy shift.

To read the paper, click here

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