BoE’s Mann challenges idea of ‘long and variable lags’

MPC member says changing transmission of policy in UK may demand more tightening

Catherine Mann
Catherine Mann
Bank of England

Changes in policy transmission may force Bank of England policy-makers to tighten policy further, Catherine Mann said today (February 23).

The BoE monetary policy committee member said the “folk wisdom” that monetary policy takes around two years to pass through to the economy needs updating.

She presented evidence including a new financial conditions index compiled by BoE economists. The index combines long- and short-term interest rates, spreads, equity prices and the exchange rate into a

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