Stability not gradualism has influenced UK MPC

Central Banking staff
14 Jan 2008

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The relative paucity of rate changes at the Bank of England since the institution became independent in 1997 is down to the increased stability of inflation and output growth, rather than a rise in the degree of gradualism, research published by the Bank finds.

The research finds some evidence for inaction at the monthly frequency, however, as the Monetary Policy Committee (MPC) is more active in the month when its quarterly forecasts are published. The MPC now also tends to wait longer

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