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United Kingdom Inflation Targeting and the Exchange Rate.

Abstract:

The U.K.'s monetary policy strategy is one of floating exchange rates and inflation forecast targeting, with the targeted measure referring to consumer prices. We consider whether it is welfare-reducing to target inflation in the CPI rather than in a narrower index and the role of the exchange rate in the transmission of monetary policy actions to CPI inflation. It is appropriate to model imports as intermediate goods rather than goods consumed directly by households. This leads to a simpler ...

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Journal:
Economic Journal
Volume:
116
Publication date:
2006-01-01
ISSN:
0013-0133
Language:
English
UUID:
uuid:c58da80e-b9d9-4860-b8da-16c5e7613db7
Local pid:
oai:economics.ouls.ox.ac.uk:12575
Deposit date:
2011-08-15

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