A Bank of England paper co-written by Adam Posen, an external member of the Bank's Monetary Policy Committee, and published yesterday finds no evidence to suggest that the bank's inflation target has compelled it to be more aggressive in pursuit of low inflation than the Federal Reserve.

Posen and Kenneth Kuttner, who also co-wrote the paper, examine whether monetary policy at the bank, which has a formal inflation target, has been any less flexible than that of the Federal Reserve, which does