United Kingdom
Role of expectations in estimates of the NAIRU
RESEARCH - The Bank of England Working Paper, "The role of expectations in estimates of the NAIRU in the United States and the United Kingdom" examines evidence for a change in the relationship between inflation and unemployment. Inflation expectations…
UK Treasury criticised over Bank appointments
UK chancellor Gordon Brown faced criticism on Thursday over the lack of transparency in the appointments process to the Bank of England's Monetary Policy Committee.
Press release on UK Financial Stability, 3 Mar
PRESS RELEASE - Bank of England, HM Treasury and FSA, IMF "UK Financial Stability Policy Framework is at the Forefront Internationally" 3 March.
HM Treasury Press Release Feb 27, 2003
PRESS RELEASE - Bank of England appointments - The Queen has been pleased to appoint, under the Bank of England Act 1998, Rachel Lomax as Deputy Governor of the Bank of England (Monetary Policy), in succession to Mervyn King, 27 February.
HM Treasury Press Release Feb 27 2003
PRESS RELEASE - Allsopp Review: Statistical requirements for monetary and wider economic policymaking, 27 February.
Bank of England Press Release
PRESS RELEASE - The Chancellor of the Exchequer announced today, 27 February, that Rachel Lomax, Permanent Secretary at the Department for Transport, will become the Bank of England's Deputy Governor for Monetary Policy. She will succeed Mervyn King, who…
Lomax named first woman deputy governor at B of E
Rachel Lomax was named the new deputy governor of the Bank of England for monetary policy on Thursday in a reshuffle of the MPC which also sees Richard Lambert joining the committee. The moves may be seen as a further shift towards hawkish leanings on…
B of E's King comes out on the attack
FEATURE - Bank of England governor in waiting Mervyn King showed what was described as a "flash of steel" by Observer in the Financial Times when facing questions at Tuesday's parliamentary Treasury select committee meeting in London.
Incoming B of E chief King prepared to lose vote
Mervyn King a noted hawk on the Bank of England's Monetary Policy Committee has said he is prepared to vote against the majority if necessary when he takes up his post as governor in the summer.
BofE Nickell: Financial market weakness to persist
In an interview Stephen Nickell of the Bank of England's Monetary Policy Committee said that the Bank's recent interest rate reduction was unlikely to trigger another round of rapid house price increases in the UK. Professor Nickell has regularly voted…
Fixing a forecasting model that ain't broke
ARTICLE - The Bank of England is due to start using a new forecasting model from June this year onwards. This article suggests that while it is good to keep up with the latest developments in economics, the new model has not been fully tested and that…
Barker on adjusting to low inflation
SPEECH - In the speech 'Adjusting to low inflation - Issues for policy' Kate Barker of the Bank of England said that if the Bank tried to control the build-up of house-hold debt, it might restrain growth in the economy, making people worse off and…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 19 February for the meeting of 5 and 6 February 2003. The minutes show seven members of the Committee (the Governor, Mervyn King, Christopher Allsopp, Kate Barker,…
Bank of England committee split 7-2 over rate cut
The Bank of England's monetary policy committee voted by 7 to 2 in favour of this month's surprise quarter-point cut in interest rates to 3.75 per cent, minutes of its meeting released on Wednesday showed.
Deutsche Bundesbank Monthly Report, January 2003
REPORT - The Bundesbank said in its January 2003 monthly report that there were further job cuts and unemployment increased significantly. The price climate in Germany at the end of 2002 remained favourable. The rate of consumer price increase remained…
Bank of England's MPC set for change
The MPC looks set for a shake up and shift in balance with two noted doves due to leave by July and when the hawkish Mervyn King takes over as governor a new deputy will have to be sought.
Julius joins ex-MPC member at hedge fund
DeAnne Julius, a former member of the Bank of England's Monetary Policy Committee, has joined her old colleague Sushil Wadhwani at a hedge fund which manages $1bn (UK £625m).
Bank of England Press Release
PRESS RELEASE - Modelling and Forecasting at the Bank of England - The Pagan Report and the Bank's Response, 30 January.
Pagan Report on the Bank of England's Model
REPORT - The Pagan Report on Modelling and Forecasting at the Bank of England, 30 January. Professor Pagan concludes that the model does not represent the 'state of the art'. But he also concludes that the deficiencies of the model have not detracted…
A funny way to manage Europe's money
ARTICLE - This article looks at the potential for enlargement of the eurozone and its impact on the ECB's governing council. The author sees problems ahead saying that today's 18 member council is already too large and proposals for rotational voting…
Bean on economists and the real world
SPEECH - In the speech 'Economists and the Real World' Charles Bean of the Bank of England said it is often said that central bank independence is desirable because it takes the politics out of monetary policy. He also said an important feature of the…
Bank of England's model comes in for criticism
Research has cast doubt on the accuracy of forecasting models used by the Bank of England. It suggests the models forecast for inflation two years ahead was on average 0.5 percentage points too high.
Treasury Committee assess euro entry prospects
A series of hearings continued Tuesday with a distinguished panel of experts giving evidence to the UK's Treasury Select Committee on the prospects for UK euro entry. The group called for reform of the ECB with a redefined inflation target and gave a…
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 22 January for the meeting of 8 and 9 January 2003. The same pattern of voting was seen at this meeting as in the previous two meetings. The nine MPC members voted…