Before & after the Bank of England's independence

This Working Paper investigates how the increase in transparency brought about by the Bank of England's operational independence has changed the way in which markets react immediately after economic announcements.

Other things being equal, the increase in transparency of the new framework will make monetary policy more predictable once the latest macroeconomic data are known. On this view, the market will be less sensitive to interest rate decisions and more sensitive to macroeconomic data

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