Monetary and Fiscal Policy
Auteur: Great Britain. Parliament. House of Lords. Select Committee on Economic Affairs
Nombre de pages: 39 pages
ISBN: 0104005491, 9780104005491
Edition: The Stationery Office
Date de publication: The Stationery Office
Description: This is the second report by the Committee on the performance of the Monetary Policy Committee (MPC) of the Bank of England. Issues discussed include: the MPCs operational target and effects on the control of inflation; the role of housing in the determination of monetary policy; other factors affecting inflation; the MPCs forecasting record; the expertise of recently appointed MPC members; the conduct of fiscal policy, UK fiscal rules, the suitability of the Stability and Growth Pact; and improving the supply side of the economy. Findings include: concern about the Chancellors decision to change the MPCs operational target, now based on the Consumer Prices Index; the need for clarification about the MPCs position on house price inflation and the recent rise in oil prices; and concern that the Bank of Englands forecasting record reveals systematic and persistent errors as well as some lack of transparency in the basis for the MPCs interest rate decisions.