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Inflation Targeting and Macroeconomic Stabilization
Independence and Optimal Policy Mix
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achieve the inflation actual inflation affect inflation anticipated arrangement assessment Bank of England business cycles central bank independence Chancellor conservative central banker constant interest rate create surprise inflation credibility deviations of inflation economic example exchange rate expected inflation explicit fiscal and monetary fiscal authority fiscal policy forward looking further given Goodhart government spending independent central bank inflation and output inflation targeting framework inflation tax inflationary bias instrument independence interest rate adjustments interest rate decisions interest rate projection interest rate smoothing introduced in 1992 loss function low inflation macroeconomic stabilization monetary and fiscal Monetary Policy Committee monetary policy decisions monetary policy framework monetary policy meetings MPC members MPC's official interest rates operational independence optimal policy policy credibility policy game policy makers policy rule political precommit private sector Quarterly Inflation Report regime relevant repo rate result smooth interest rates strengthen supply shocks two-year ahead inflation two-year horizon uncertainty unchanged interest rates United Kingdom wages