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Journal articles on the topic 'MPC (monetary policy committee)'

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Published: 5 June 2025

Last updated: 16 July 2025

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1

Wickens, Mike. "The Bank of England's Monetary Policy Committee: A View from a Parlimentary Specialist Advisor." National Institute Economic Review 196 (April 1, 2006): 77–91. http://dx.doi.org/10.1177/0027950106067049.

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This article assesses the new monetary policy regime introduced in the UK in 1997. It discusses the original remit given to the Bank of England, how it has been interpreted by the Bank and the conduct of monetary policy by the Monetary Policy Committee (MPC) subsequently. The article draws heavily on my experience as Specialist Adviser to the House of Lords Select Committee on Economic Affairs over this whole period. I conclude that the MPC has been very successful in fulfilling its remit, but that a puzzle remains at the heart of the policy over whether the way inflation targeting has worked

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2

Segawa, Arnold. "Causality Analysis of South Africa Reserve Bank’s Monetary Policy Statements and Communication." International Journal of Finance & Banking Studies (2147-4486) 10, no. 4 (2021): 55–74. http://dx.doi.org/10.20525/ijfbs.v10i4.1418.

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This paper inspects whether the South Africa Reserve Bank’s (SARB) Monetary Policy Committee (MPC) statements trigger have a causality with newspaper reports from the Mail and Guardian between 2010 and 2021. The study examines whether SARB’s post MPC statements’ readability is reciprocated in the subsequent Mail and Guardian newspaper articles. Using the Flesch Reading Ease Score and Flesch-Kincaid Grade Level score as the methodology, there is a systematic unpacking of both SARB’s MPC statements and newspaper reports from the Mail and Guardian which yield a dataset which is subsequently used

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3

Abdulganiyu, Mutiu, and Hussaini Dambo. "INTEREST RATE RESPONSES TO MONETARY POLICY COMMITTEE MEETINGS/COMMUNIQUE IN NIGERIA." Gusau Journal of Accounting and Finance 2, no. 3 (2021): 14. http://dx.doi.org/10.57233/gujaf.v2i3.163.

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In recent time the Central Banks cross the globe employ a range of avenues to communicate their monetary policy decisions and explain to financial markets and the general public the reason for their policy actions. This communication, in turn, gives signals to the financial markets regarding the future trajectories of governmental activities. This study therefore investigated the sensitivity of interest rate to MPC communication from 1st January, 2010 to 30th June, 2020 in Nigera. Series of test were carryout and EGARCH was chosen as the appropriate techniques in which dummy variable was used

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4

Tumala, Mohammed M., and Babatunde S. Omotosho. "A Text Mining Analysis of Central Bank Monetary Policy Communication in Nigeria." Central Bank of Nigeria Journal of Applied Statistics, Vol. 10 No. 2 (February 21, 2020): 73–107. http://dx.doi.org/10.33429/cjas.10219.3/6.

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This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN) during the period 2004-2019. Since the policy communique released after each meeting of the CBN’s monetary policy committee (MPC) represents an important tool of central bank communication, we construct a corpus based on 87 policy communiques with a total of 123, 353 words. Having processed the textual data into a form suitable for analysis, we examined the readability, sentiments, and topics of the policy documents. While the CBN’s communication has increased substantially over

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5

Shaikh, Imlak, and Priyanka Vallabh. "Monetary policy uncertainty and gold price in India: Evidence from Reserve Bank of India's Monetary Policy Committee (MPC) review." Resources Policy 76 (June 2022): 102642. http://dx.doi.org/10.1016/j.resourpol.2022.102642.

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6

Barrell, Ray, Simon Kirby, and Rebecca Riley. "Changing the Inflation Target." National Institute Economic Review 185 (July 2003): 50–53. http://dx.doi.org/10.1177/00279501031851006.

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Since May 1997, when the Bank of England was given operational independence to set monetary policy, the Monetary Policy Committee (MPC) has been responsible for setting short-term interest rates to ensure that the Government's inflation target is met. The target is currently 2.5 per cent and the target measure is the Retail Price Index excluding mortgage interest payments (RPIX). If RPIX inflation deviates more than 1 per cent from the central target, the Governor of the Bank of England is expected to provide a written explanation to the Chancellor of the Exchequer as to why the inflation targ

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7

Kneller, Richard, and Garry Young. "The UK economy." National Institute Economic Review 169 (July 1999): 8–30. http://dx.doi.org/10.1177/002795019916900104.

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It is now just over two years since the new framework for monetary policy was announced and operational responsibility for the setting of interest rates was devolved to the independent Monetary Policy Committee (MPC) at the Bank of England. A key component of the new arrangements is their accountability. One of the ways in which this is meant to be achieved is by the ‘open letter’ system, whereby the Governor is to write to the Chancellor whenever inflation is one percentage point higher or lower than the target. It is remarkable that no open letters have yet had to be written.

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8

Farvaque, Etienne, Piotr Stanek, and Hakim Hammadou. "Selecting Your Inflation Targeters: Background and Performance of Monetary Policy Committee Members." German Economic Review 12, no. 2 (2011): 223–38. http://dx.doi.org/10.1111/j.1468-0475.2010.00520.x.

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Abstract This paper starts by describing the composition of monetary policy committees (MPCs) in inflation-targeting and non-targeting countries. The experience of MPC members on their inflation performance is then compared, opposing inflation targeters with non-targeters. Our sample covers the major Organization for Economic Cooperation and Development countries, in the period 1999-2008. Our results first show that MPCs are different in inflation-targeting (versus non-targeting) countries. They also reveal that policy-makers’ backgrounds influence inflation, and that the influence of MPCs’ ex

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9

Segawa, Arnold. "Sentimental Outlook for the Monetary Policies of South African Reserve Bank." International Journal of Finance & Banking Studies (2147-4486) 10, no. 3 (2021): 37–56. http://dx.doi.org/10.20525/ijfbs.v10i3.1298.

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The South African Reserve Bank (SARB) migrated to inflation targeting in 2000 and has since embarked on a trajectory of transparency. This has taken the shape of releasing Monetary Policy Committee (MPC) statements other forms of communication. This paper examines SARB’s MPC statements’ tone and sentiment between 2000 and 2021 using the Besigye-Segawa’s TextBlob polarity and subjectivity calculator which measures central bank communication tone and sentiment using the Loughran-McDonald dictionary’s word classification to gauge polarity and subjectivity. The study goes on to explore causality o

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10

Nasir, Muhammad Ali, Milton Yagob, Alaa Solimanc, and Junjie Wud. "Institutional Design, Macroeconomic Policy Coordination and Implications for the Financial Sector in the UK." Journal of Central Banking Theory and Practice 6, no. 3 (2017): 95–126. http://dx.doi.org/10.1515/jcbtp-2017-0022.

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AbstractThis study has analysed the implications of institutional design of macroeconomic policy making institutions for the macroeconomic policy interaction and financial sector in the United Kingdom. Employing a Vector Error Correction (VEC) model and using monthly data from January 1985 to August 2008 we found that the changes in institutional arrangement and design of policy making authorities appeared to be a major contributing factor in dynamics of association between policy coordination/combination and financial sector. It was also found that the independence of the Bank of England (BoE

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11

Machado Vicente, José Valentim, Jaqueline Terra Moura Marins, and Wagner Piazza Gaglianone. "Impacts of the Monetary Policy Committee decisions on the foreign exchange rate in Brazil." Brazilian Review of Finance 20, no. 2 (2022): 1–19. http://dx.doi.org/10.12660/rbfin.v20n2.2022.84946.

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The purpose of this paper is to measure the impact of interest rate decisions of the Monetary Policy Committee (MPC) on foreign exchange (FX) rate in Brazil. Two new daily measures of interest rate surprises are proposed using market and survey data. The results indicate a significant effect of MPC's decisions on FX returns. In particular, the surprise variable based on market data is statistically significant to explain FX returns and has a negative sign, as expected (a positive surprise implies an appreciation of the domestic currency). Moreover, this effect is symmetric, in terms of positiv

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12

Segawa, Arnold. "Communication by the South African Reserve Bank." Communicare: Journal for Communication Sciences in Southern Africa 40, no. 2 (2022): 1–20. http://dx.doi.org/10.36615/jcssa.v40i2.1308.

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In 2000, South Africa’s central bank, the South African Reserve Bank (SARB), adopted flexible inflation targeting as a monetary regime, and in doing so, set its inflation target at 3-6% for the headline consumer price index (Coco & Viegi, 2020). Essential to achieving this inflation target is not only clear communication of ex-post policy actions, but a clear dissemination of the SARB’s future actions.This paper examines how the SARB has been communicating, with particular emphasis on their Monetary Policy Committee (MPC) press statements between January 2000 and January 2021. The breadth

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13

Mridul, Pandey, and Archana Aher Dr. "To Analyze The RBI Monetary And Tools Used By RBI In Curbing Inflation." Young Researcher 12, no. 4 (2023): 40 to 46. https://doi.org/10.5281/zenodo.10537251.

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<em>This paper describes about the RBI monetary policy and how RBI functions in order to control the inflation and the cash flow in the market. The main objective of the paper is to give an insight on RBI monetary policies tools used by RBI in curbing inflation. It have seen that RBI uses various methods in curbing inflation and maintain liquidity in the market as CRR, SLR, OMO and guidance and forward guidance.</em>

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14

Allen, William A., and Terence Mills. "How Forecasts Evolve - The Growth Forecasts of the Federal Reserve and the Bank of England." National Institute Economic Review 193 (July 2005): 53–59. http://dx.doi.org/10.1177/0027950105058553.

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We investigate how central bank forecasts of GDP growth evolve through time, and how they are adapted in the light of official estimates of actual GDP growth. Using data for 1988–2005, we find that the Federal Open Market Committee (FOMC) has typically adjusted its forecast for growth over the coming four quarters by about a third of the unexpected component of estimated growth in the four quarters most recently ended. We were unable to find any clear signs of systematic errors in the FOMC's forecasts. UK data for 1998–2005 suggest that the Bank of England Monetary Policy Committee (MPC) did n

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15

Weise, Charles L. "Political Pressures on Monetary Policy During the US Great Inflation." American Economic Journal: Macroeconomics 4, no. 2 (2012): 33–64. http://dx.doi.org/10.1257/mac.4.2.33.

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Drawing on an analysis of Federal Open Market Committee (FOMC) documents, this paper argues that political pressures on the Federal Reserve were an important contributor to the rise in inflation in the United States in the 1970s. Members of the FOMC understood that a serious attempt to tackle inflation would generate opposition from Congress and the executive branch. Political considerations contributed to delays in monetary tightening, insufficiently aggressive anti-inflation policies, and the premature abandonment of attempts at disinflation. Empirical analysis verifies that references to th

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16

Sun, Jiaqi, and J. H. Van Rooyen. "A modelling process of short-term interest rate risk management for the South African commercial banking sector." Corporate Ownership and Control 9, no. 1 (2011): 628–37. http://dx.doi.org/10.22495/cocv9i1c6art6.

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This study focuses on banking book interest rate risk (IRR) management, more specifically short-term IRR management (SIRR). This type of risk is partly induced by the inflation targeting policy of the South African Reserve Bank (SARB). As a result, inflation leads to an uncertain interest rate cycle and a period of uncertain interest rate levels as it relates to lending and borrowing activities in the South African commercial banking sector. This study highlights what causes short-term interest rate risk and how the banks may forecast and manage the SIRR with reference to the inflation targeti

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17

Budd, Alan. "Evaluating the Monetary Policy Committee." Economic Outlook 23, no. 4 (1999): 5–11. http://dx.doi.org/10.1111/1468-0319.00192.

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18

Blinder, Alan S. "Making Monetary Policy by Committee." International Finance 12, no. 2 (2009): 171–94. http://dx.doi.org/10.1111/j.1468-2362.2008.01229.x.

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19

Koo, Jahyun, Ivan Paya, and David A. Peel. "THE DECISIONS OF THE SHADOW MONETARY POLICY COMMITTEE AND MONETARY POLICY COMMITTEE SINCE 2002." Economic Affairs 32, no. 2 (2012): 91–93. http://dx.doi.org/10.1111/j.1468-0270.2012.02163.x.

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20

Besley, Timothy, and Kevin Sheedy. "Monetary Policy Under Labour." National Institute Economic Review 212 (April 2010): R15—R33. http://dx.doi.org/10.1177/0027950110372733.

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This paper analyses Labour's record on monetary policy and the record of the MPC which it created. The paper begins by discussing the conceptual framework and institutions behind inflation targeting as it operates in the UK. We then discuss the successes that it enjoyed up to 2007 and debate the lessons that are being learned as a consequence of the experience since then. We then raise some of the formidable challenges that UK monetary policy must now face up to including maintaining the credibility of the inflation targeting regime in the face of greater interdependence between monetary and f

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21

Crawley, Edmund, and Andreas Kuchler. "Consumption Heterogeneity: Micro Drivers and Macro Implications." American Economic Journal: Macroeconomics 15, no. 1 (2023): 314–41. http://dx.doi.org/10.1257/mac.20200352.

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We document heterogeneity in the marginal propensity to consume (MPC) across household characteristics relevant to understanding heterogeneous agent models and monetary policy transmission. We find a strong negative relationship between household liquid wealth and MPC. We show that household liquid wealth predicts MPC closely for every other household characteristic we look at. We use a new empirical method that overcomes sources of bias found in the existing literature, along with administrative data from Denmark that allow us to identify heterogeneous behavior. We use our results to analyze

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22

Cho, Daeha. "Unemployment risk, MPC heterogeneity, and business cycles." Quantitative Economics 14, no. 2 (2023): 717–51. http://dx.doi.org/10.3982/qe1550.

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This paper uses an estimated Heterogeneous Agent New Keynesian (HANK) model to evaluate the quantitative importance of two channels in driving aggregate consumption fluctuations in the US: (i) precautionary savings against unemployment risk and (ii) MPC heterogeneity. I find that MPC heterogeneity is the dominant channel because a large fraction of households are close to the borrowing limit. The empirical average MPC target in HANK generates counterfactually volatile aggregate consumption, and thus makes it more difficult for the estimated model to match the persistence of the aggregate data,

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23

Berk, Jan Marc, and Beata K. Bierut. "Communication in a monetary policy committee." European Journal of Political Economy 27, no. 4 (2011): 791–801. http://dx.doi.org/10.1016/j.ejpoleco.2011.05.001.

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24

Smith, David B. "THE DECISIONS OF THE SHADOW MONETARY POLICY COMMITTEE AND MONETARY POLICY COMMITTEE SINCE 2002: A REJOINDER." Economic Affairs 32, no. 2 (2012): 94–95. http://dx.doi.org/10.1111/j.1468-0270.2012.02164.x.

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25

Maurin, Vincent, and Jean-Pierre Vidal. "Monetary Policy Deliberations: Committee Size and Voting Rules." Recherches économiques de Louvain 80, no. 2 (2014): 47–83. http://dx.doi.org/10.1017/s0770451800002104.

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SummaryHow large should a monetary policy committee be? Which voting rule should a monetary policy committee adopt? This paper builds on Condorcet's jury theorem to analyse the relationships between committee size and voting rules in a model where policy discussions are subject to a time constraint. It suggests that in large committees majority voting is likely to enhance policy outcomes. Under unanimity (consensus) it is preferable to limit the size of the committee. Finally, supermajority voting rules are social contrivances that contribute to policy performance in a more uncertain environme

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26

Vandenbussche, Jérôme. "Elements of Optimal Monetary Policy Committee Design." IMF Working Papers 06, no. 277 (2006): 1. http://dx.doi.org/10.5089/9781451865370.001.

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27

Blinder, Alan S. "Monetary policy by committee: Why and how?" European Journal of Political Economy 23, no. 1 (2007): 106–23. http://dx.doi.org/10.1016/j.ejpoleco.2006.01.003.

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28

Erhart, Szilard, Harmen Lehment, and Jose L. Vasquez Paz. "Monetary policy committee size and inflation volatility." International Economics and Economic Policy 7, no. 4 (2010): 411–21. http://dx.doi.org/10.1007/s10368-010-0148-x.

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29

Ampudia, Miguel, Russell Cooper, Julia Le Blanc, and Guozhong Zhu. "MPC Heterogeneity and the Dynamic Response of Consumption to Monetary Policy." American Economic Journal: Macroeconomics 16, no. 3 (2024): 343–88. http://dx.doi.org/10.1257/mac.20210277.

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This paper studies how household financial choices affect the impact of monetary policy on consumption. Based on micro data from four major euro area countries, we estimate key structural parameters using a simulated method of moments approach to match moments related to asset market participation rates, portfolio shares, and wealth-to-income ratios by education and country. The country-specific distributions of marginal propensities to consume (MPCs) out of income and financial wealth are not degenerate. Due to this MPC heterogeneity, monetary policy, operating through income and asset return

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30

Damane, Moeti. "Topic Classification of Central Bank Monetary Policy Statements: Evidence from Latent Dirichlet Allocation in Lesotho." Acta Universitatis Sapientiae, Economics and Business 10, no. 1 (2022): 199–227. http://dx.doi.org/10.2478/auseb-2022-0012.

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Abstract This article develops a baseline on how to analyse the statements of monetary policy from Lesotho’s Central Bank using a method of topic classification that utilizes a machine learning algorithm known as Latent Dirichlet Allocation. To evaluate the changes in the policy distribution, the classification of topics is performed on a sample of policy statements spanning from February 2017 to January 2021. The three-topic Latent Dirichlet Allocation model extracted topics that remained prominent throughout the sample period and were most closely reflective of the functions of the Central B

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31

BATIUK, Larysa. "MONETARY POLICY AND FINANCIAL INTERMEDIATION IN BASEL III: GLOBAL TRENDS." Ukrainian Journal of Applied Economics 4, no. 3 (2019): 39–47. http://dx.doi.org/10.36887/2415-8453-2019-3-5.

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Introduction. The article deals with the peculiarities of the transmission mechanism of monetary policy in the implementation conditions of the Basel Committee requirements on Banking Supervision "Basel III". The problem of the mechanism violation of the classical monetary multiplier, the imbalance of the monetary circulation system, the frequency increase of debt defaults and the amplitude of macroeconomic fluctuations in the global economic system are marked as a study result of the effects of the credit mitigation policy conducted by the US Federal Reserve amid the global financial crises o

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32

Jakubik, Petr, and Marek Petrus. "Suriname." High-Level Summary Technical Assistance Reports 2025, no. 010 (2025): 1. https://doi.org/10.5089/9798229006859.029.

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The technical assistance mission evaluated the Central Bank of Suriname’s (CBvS) communication on monetary policy and financial stability to enhance transparency, consistency, and stakeholder engagement. Recommendations include institutionalizing structured decision-making with fixed schedules for Monetary Policy Advisory Committee (MPAC) and Financial Stability Advisory Committee (FSAC) meetings, followed by policy-setting Executive Board sessions. These efforts should be supported by forward-looking publications, such as the Monetary Policy Report (MPR) and Financial Stability Report (FSR).

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33

Maurin, Vincent, and Jean-Pierre Vidal. "Monetary Policy Deliberations : Committee Size and Voting Rules." Recherches économiques de Louvain 80, no. 2 (2014): 47. http://dx.doi.org/10.3917/rel.802.0047.

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34

Abdulganiyu, Mutiu, and Abdullahi Badiru. "SENSITIVITY OF EXCHANGE RATE TO CBN MONETARY POLICY COMMUNICATIONS 2010-2020." GUSAU JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES 1, no. 1 (2021): 202–15. http://dx.doi.org/10.57233/gujeds.v1i1.35.

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Over the last decade, central bank communication has become an increasingly essential policy instrument for monetary authorities. This is due to the significant impact that central bank communication has on economic agents' expectations and, as a result, their economic decision-making. This study therefore investigated the sensitivity of Exchange rate to MPC communication from 1st January, 2010 to 30th June, 2020 series of test were carryout and EGARCH was chosen as the appropriate techniques in which dummy variable was used to capture the meeting days in the variance equation. Data of monetar

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35

Chortareas, Georgios, and Emmanouil Noikokyris. "Monetary policy and stock returns under the MPC and inflation targeting." International Review of Financial Analysis 31 (January 2014): 109–16. http://dx.doi.org/10.1016/j.irfa.2013.10.008.

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36

Gorodnichenko, Yuriy, Tho Pham, and Oleksandr Talavera. "The Voice of Monetary Policy." American Economic Review 113, no. 2 (2023): 548–84. http://dx.doi.org/10.1257/aer.20220129.

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We develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Federal Reserve’s actions and the sentiment in policy texts, a positive tone in the voices of Federal Reserve chairs leads to significant increases in share prices. Other financial variables also respond to vocal cues from the chairs. Hence, how policy messages are communicated can move the financial market. Our results provide implications for improving

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37

Jung, Alexander, and Francesco Paolo Mongelli. "Monetary policy decision-making when information search is costly." Banks and Bank Systems 11, no. 1 (2016): 15–22. http://dx.doi.org/10.21511/bbs.11(1).2016.02.

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This paper explores monetary policy decision-making within an insurance model with expected utility-maximizing policy-makers. The authors consider that policy-makers are different in terms of their backgrounds, experience and skills and they may disagree on the appropriate policy response. In a monetary policy committee, they share information and decide on interest rates by means of an agreed voting rule. The authors show that, in the presence of risk and search costs, it would be optimal for policy-makers to fully insure against the expected loss from a potential policy error. Whether a mone

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38

Bauer, Michael D., Ben S. Bernanke, and Eric Milstein. "Risk Appetite and the Risk-Taking Channel of Monetary Policy." Journal of Economic Perspectives 37, no. 1 (2023): 77–100. http://dx.doi.org/10.1257/jep.37.1.77.

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Monetary policy affects financial markets and the broader economy in part by changing the risk appetite of investors. This article provides new evidence for this so-called risk-taking channel of monetary policy by revisiting and extending event-study analysis of Federal Open Market Committee announcements. We document significant effects of unexpected monetary policy changes on risk indicators drawn from equity, fixed-income, credit, and foreign exchange markets. We develop a new index of risk appetite based on the common component of these indicators. Surprise monetary easing leads to strong

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39

Apergis, Nicholas, and Chi Keung Marco Lau. "How deviations from FOMC’s monetary policy decisions from a benchmark monetary policy rule affect bank profitability: evidence from U.S. banks." Journal of Financial Economic Policy 9, no. 4 (2017): 354–71. http://dx.doi.org/10.1108/jfep-02-2017-0008.

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Purpose This paper aims to provide fresh empirical evidence on how Federal Open Market Committee (FOMC) monetary policy decisions from a benchmark monetary policy rule affect the profitability of US banking institutions. Design/methodology/approach It thereby provides a link between the literature on central bank monetary policy implementation through monetary rules and banks’ profitability. It uses a novel data set from 11,894 US banks, spanning the period 1990 to 2013. Findings The empirical findings show that deviations of FOMC monetary policy decisions from a number of benchmark linear and

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40

Gowda, Inchara P. M. "Deliberations and Resolutions of Monetary Policy Committee – An Analysis." Adarsh Journal of Management Research 10, no. 2 (2017): 27. http://dx.doi.org/10.21095/ajmr/2017/v10/i2/141485.

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41

Matthews, Kent. "The Monetary Policy Committee: an end-of-term evaluation." Economic Affairs 19, no. 4 (1999): 31–36. http://dx.doi.org/10.1111/1468-0270.00188.

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42

Cobham, D. "Why does the Monetary Policy Committee smooth interest rates?" Oxford Economic Papers 55, no. 3 (2003): 467–93. http://dx.doi.org/10.1093/oep/55.3.467.

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43

Hansen, Stephen, Michael McMahon, and Carlos Velasco Rivera. "Preferences or private assessments on a monetary policy committee?" Journal of Monetary Economics 67 (October 2014): 16–32. http://dx.doi.org/10.1016/j.jmoneco.2014.06.004.

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44

Grier, Kevin B. "Congressional oversight committee influence on U.S. monetary policy revisited." Journal of Monetary Economics 38, no. 3 (1996): 571–79. http://dx.doi.org/10.1016/s0304-3932(96)01296-2.

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45

Hayo, Bernd, and Ummad Mazhar. "Monetary Policy Committee Transparency: Measurement, Determinants, and Economic Effects." Open Economies Review 25, no. 4 (2013): 739–70. http://dx.doi.org/10.1007/s11079-013-9296-2.

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46

RIBONI, ALESSANDRO, and FRANCISCO J. RUGE-MURCIA. "The Dynamic (In)Efficiency of Monetary Policy by Committee." Journal of Money, Credit and Banking 40, no. 5 (2008): 1001–32. http://dx.doi.org/10.1111/j.1538-4616.2008.00144.x.

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47

Ch., Paramaiah, Long Mabathoana, and I. Motelle Sephooko. "THE SYNCHRONIZATION OR DUALITY OF THE BUSINESS AND FINANCIAL CYCLES IN SMALL DEPENDENT ECONOMIES: EMPIRICAL LESSONS FROM LESOTHO." Indian Journal of Economics and Business 20, no. 2 (2021): 573–92. https://doi.org/10.5281/zenodo.5704188.

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Abstract: The aim of this paper is to identify the synchronization between business and financial cycles in Lesotho. When business and financial cycles are in sync, monetary policy and macro-prudential policy conduct are complementary; however, when the cycles are out of sync, the two policies conflict. This study investigates the synchronization between business and financial cycles. Therefore, this study seeks to address the key research question: Are business and financial cycles synchronized in Lesotho? Real GDP growth rates and credit-to-GDP gaps are employed to extract business and finan

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48

Schonhardt-Bailey, Cheryl. "Nonverbal contention and contempt in U.K. parliamentary oversight hearings on fiscal and monetary policy." Politics and the Life Sciences 36, no. 1 (2017): 27–46. http://dx.doi.org/10.1017/pls.2017.7.

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In parliamentary committee oversight hearings on fiscal policy, monetary policy, and financial stability, where verbal deliberation is the focus, nonverbal communication may be crucial in the acceptance or rejection of arguments proffered by policymakers. Systematic qualitative coding of these hearings in the 2010–15 U.K. Parliament finds the following: (1) facial expressions, particularly in the form of anger and contempt, are more prevalent in fiscal policy hearings, where backbench parliamentarians hold frontbench parliamentarians to account, than in monetary policy or financial stability h

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Bailey, Andrew, and Cheryl Schonhardt-Bailey. "Does Deliberation Matter in FOMC Monetary Policymaking? The Volcker Revolution of 1979." Political Analysis 16, no. 4 (2008): 404–27. http://dx.doi.org/10.1093/pan/mpn005.

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In monetary policy, decision makers seek to influence the expectations of agents in ways that can avoid making abrupt, dramatic, and unexpected decisions. Yet in October 1979, Chairman Paul Volcker led the Federal Reserve's Federal Open Market Committee (FOMC) unanimously to shift its course in managing U.S. monetary policy, which in turn eventually brought the era of high inflation to an end. Although some analysts argue that “the presence and influence of one individual”—namely, Volcker—is sufficient to explain the policy shift, this overlooks an important feature of monetary policymaking. F

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Goodhart, C. A. E. "The Inflation Forecast." National Institute Economic Review 175 (January 2001): 59–66. http://dx.doi.org/10.1177/002795010117500106.

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Given the long and variable time lags between interest rate changes and responses in output and inflation, an inflation forecast must lie at the heart of monetary policy. In the UK the Bank's inflation forecast and Report were developed when the interest rate decision still lay with the Chancellor. Its, largely unchanged, continuation has led to certain tensions once that decision was delegated to a Monetary Policy Committee of independently responsible experts. In this paper the question is raised whether such a Committee should be jointly and individually responsible for the inflation foreca

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