Speech by C Allsopp, Bank of England, 19 Sep

SPEECH - In the speech titled 'Macroeconomic Policy Rules in Theory and in Practice' Allsopp argued against using interest rates to burst asset price bubbles. "In my view, the most persuasive argument against using interest rates to moderate destabilising processes is one of credibility and transparency. If the interest rate has another role, being used to moderate the shock structure, the reaction function is far less rule-like and predictable and the system is likely to be less transparent

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