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  • 9 - Finding New Objectives, Seeking New Instruments

  • from III - Targets and Instruments
  • Edited by Sean Holly, University of Cambridge, Michael McMahon, University of Oxford, Stephen Millard, National Institute of Economic and Social Research, Anna Watson, University of Cambridge
  • Book:
    Reflections on Monetary Policy after 25 Years of the MPC
    Published online:
    14 November 2024
    Print publication:
    21 November 2024, pp 107-118

  • Summary

    The adoption of inflation targets in the U.K, with the Monetary Policy Committee given instrument independence in 1997, is often presented as the answer to the assignment problem: the MPC was made responsible for the single objective of price stability, to be attained via its deployment of its single instrument, the policy rate. This chapter uses this perspective to examine the evolution of the workings of monetary policy and the MPC over its first twenty-five years, how the Bank and the MPC, came across additional possible objectives and searched for additional possible instruments. implying the need for some recasting of the role of the MPC and the way in which it operates.