English, Article, Journal or magazine article edition: Uncertainty and UK Monetary Policy Christopher Martin; Costas Milas

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/34999
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Uncertainty and UK Monetary Policy
Author
  • Christopher Martin
  • Costas Milas
Physical Description
  • preprint
Notes
  • RePEc:mmf:mmfc04:65
  • RePEc:bru:bruedp:04-11
  • This paper provides empirical evidence on the response of monetary policymakers to uncertainty. Using data for the UK since the introduction of inflation targets in October 1992, we find evidence that the impact of inflation on interest rates is lower when inflation is more uncertain and is larger when the output gap is more uncertain. These findings are consistent with the predictions of the theoretical literature.
  • RePEc:cty:dpaper:0405
  • RePEc:bru:bruppp:04-11
  • This paper provides empirical evidence on the response of monetary policymakers to uncertainty. Using data for the UK since the introduction of inflation targets in October 1992, we find that the impact of inflation on interest rates is lower when inflation is more uncertain and is larger when the output gap is more uncertain. These findings are consistent with the predictions of the theoretical literature. We also find that uncertainty has reduced the volatility but has not affected the average value of interest rates and argue that monetary policy would have been less passive in the absence of uncertainty.
  • Monetary policy, uncertainty
  • RePEc:kee:kerpuk:2005/​11
Language
  • English
Contributed by
OAIster

Get this edition

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment