Committee On Economic Affairs 3rd Report Of Session 2003-04, Monetary And Fiscal Policy Present Successes And Future Problems Report: House Of Lords Paper 176-i Session 2003-04

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The Stationery Office, 2004 - Business & Economics - 39 pages
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This is the second report by the Committee on the performance of the Monetary Policy Committee (MPC) of the Bank of England. Issues discussed include: the MPCs operational target and effects on the control of inflation; the role of housing in the determination of monetary policy; other factors affecting inflation; the MPCs forecasting record; the expertise of recently appointed MPC members; the conduct of fiscal policy, UK fiscal rules, the suitability of the Stability and Growth Pact; and improving the supply side of the economy. Findings include: concern about the Chancellors decision to change the MPCs operational target, now based on the Consumer Prices Index; the need for clarification about the MPCs position on house price inflation and the recent rise in oil prices; and concern that the Bank of Englands forecasting record reveals systematic and persistent errors as well as some lack of transparency in the basis for the MPCs interest rate decisions.
 

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Contents

Abstract
4
The Role of Housing in the Determination
10
Choice of Members of the MPC 59
19
The External Position 86
26
Economic Affairs Committee
32
Glossary of Abbreviations
39

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