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6 - The MPC Remit at 25: Growing Pains?

from III - Targets and Instruments

Published online by Cambridge University Press:  14 November 2024

By
Jens Larsen
Edited by
Sean Holly ,
Michael McMahon ,
Stephen Millard  and
Anna Watson
Sean Holly
Affiliation:
University of Cambridge
Michael McMahon
Affiliation:
University of Oxford
Stephen Millard
Affiliation:
National Institute of Economic and Social Research
Anna Watson
Affiliation:
University of Cambridge
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Summary

This chapter first provides a brief review of the first remit given to the MPC in 1997 and why it would come to play such a key role in defining the monetary policy framework in the early years of the MPC.There is also a discussion of why the same concept has worked less well in other contexts, drawing on the UK’s attempts to introduce a remit for the IMF and pointing out the absence of a financial stability remit to match that for monetary policy.

Keywords

MPC remitCommunicationcentral bank independence
Type
Chapter
Information
Reflections on Monetary Policy after 25 Years of the MPC , pp. 79 - 88
Publisher: Cambridge University Press
Print publication year: 2024

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References

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