Inflation-targeting regime improves policy

During the Bank of England's inflation-targeting regime, monetary policy shocks have been more muted and inflation expectations have been lower than before, a new paper from the central bank posits.

The research shows that volatility associated with macroeconomic variables and the yield curve has declined over time, with the period under the inflation-targeting regime experiencing the most stability. The analysis reveals that the conduct of monetary policy improved remarkably: monetary policy

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