By William A. Allen
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Extra resources for Inflation Targeting: the British Experience (Handbooks in central banking lecture series)
E) Members of the Monetary Policy Committee make frequent speeches about monetary policy in all parts of the country. In addition, the Bank employs regional Agents, located in different parts of the country, whose job it is to maintain contact with local businesses and business groups, gather information from them and explain the Bank’s policies to audiences in their regions. Openness and transparency are very effective means of improving credibility. First, they make it possible for those responsible for monetary policy to be publicly accountable for their decisions.
C) Members of the Monetary Policy Committee are frequently questioned by the Treasury Select Committee of the House of Commons. (d) If the rate of inflation strays from the target by more than 1% on either side, the Governor has to write an open letter to the Chancellor of the Exchequer explaining how the discrepancy arose, how long it is expected to persist, and what the Monetary Policy Committee intends to do to correct it. (e) Members of the Monetary Policy Committee make frequent speeches about monetary policy in all parts of the country.
Second, the thought processes of those taking monetary policy decisions are more fully exposed to the public. That means that the public are able to comment on official thinking, so that there can be a debate which may lead to improved official thinking. It also provides reassurance to the public that the central bank is pursuing its stated objective and not some other objective which has not been announced. I think we have seen some of these benefits in the United Kingdom. Concluding remarks Advocates of other intermediate targets promise to make monetary policy easy.