Shocks greater when inflation already high – BoE study
Bank publishes latest response to Bernanke review of UK monetary policy-making
As the Bank of England continues its review of monetary policy-making, its staff have outlined a new approach to understanding non-linear inflation dynamics.
In their paper, published on July 17, Andrew Gaffney, Katerina Petrova, Galina Potjagailo and Andrea Sisko investigate how the transmission of shocks differs depending on the existing inflationary environment.
Increased oil prices “have substantially larger and more persistent effects” on UK consumer price index (CPI) inflation when levels of
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