Inflation targets, transparency and interest rate volatility: ditching ‘monetary mystique’ in the UK

Chadha, J.S. and Nolan, Charles (2001) Inflation targets, transparency and interest rate volatility: ditching ‘monetary mystique’ in the UK. Journal of Macroeconomics, 23 (3). pp. 349-366. (The full text of this publication is not available from this repository)

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Official URL
http://dx.doi.org/10.1016/S0164-0704(01)00168-9

Abstract

Monetary authorities often seem reluctant to discuss the conduct of monetary policy. There is a concern that greater openness in monetary policy-making may lead to volatility in financial markets, and specifically in interest rates. Although there is very little direct empirical evidence examining this concern, recent changes in the monetary policy framework of the U.K. provide an opportunity to gain some insight. Interestingly, the evidence suggests that even though volatility has indeed risen in the recent past in the U.K., there is no evidence that this volatility is directly attributable to increased information flows per se.

Item Type: Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: Jagjit Chadha
Date Deposited: 21 Mar 2009 19:23
Last Modified: 16 Aug 2013 10:50
Resource URI: http://kar.kent.ac.uk/id/eprint/10950 (The current URI for this page, for reference purposes)
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