BoE MPC member makes case for more stimulus


The UK economy would probably benefit from a more expansionary monetary policy, according to David Miles, a member of the Bank of England's (BoE) Monetary Policy Committee.

In a speech yesterday at the University of Bath, Miles presented a model of optimal monetary policy based on the output gap, inflation and supply capacity, adjusted to allow for uncertainty. On this basis, Miles argued that the economy would need to grow by an average of 3% in the next three years to justify the current

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