Bank of England Working Papers

RESEARCH - Monetary policy and stagflation in the UK by Edward Nelson and Kalin Nikolov, Working Paper No 155, May 2002.

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The volatile data for inflation, output, and interest rates in the United Kingdom prior to the 1990s, and the relative macroeconomic stability associated with inflation targeting, provide a rich basis for discriminating between rival explanations for the outbreak of stagflation. Alternative hypotheses are examined with the aid of a

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