Business, Management and Accounting
8 years ago

Central Bank of England deviates from monetary policy rule, study finds

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UK monetary policy reaction functions, 1992-2014 : a cointegration approach using Taylor rules
Jumuaa Ferga

Paper Summary

The UK Central Bank did not follow the Taylor rule from 1992 to 2014, as shown by regression results. The study used time series data and econometric tests to analyze the behavior of the Central Bank of England under an inflation targeting framework. The goal was to see if Taylor-type policy rules could describe the bank's behavior and if formal targets influenced this behavior. The findings suggest that the Central Bank of England did not adhere to the Taylor rule during the specified period.

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