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
The Stationery Office, 2004 - Business & Economics - 39 pages
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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The Role of Housing in the Determination
Choice of Members of the MPC 59
The External Position 86
Economic Affairs Committee
Glossary of Abbreviations
2004 Inflation Report August 2004 Inflation Bank of England Bank's BEQM Brendan Barber change in inflation Charlie Bean concern Consumer Prices Council debt debt-financed Economic Affairs Committee economic model economists effect errors in forecasting estimate exchange rate expertise in monetary external members fiscal policy fiscal rules fiscal stance forecasting record Governor Growth Pact HICP House of Lords house price inflation households housing market increase independent assessment inflation target interest rate decision investment issue Jon Cunliffe level to rise Lord Goodhart Lord Marsh Lord Sheldon Lord Wakeham macroeconomic measure Mervyn King monetary and fiscal monetary economics Monetary Policy Committee MPC's NPSB Oliver Letwin operational target paragraph parliamentary scrutiny percentage point productivity growth Professor public sector raise interest rates recognise recommend remunerated RPIX Select Committee supply shock targeting house prices tax financed thought UK fiscal framework UK interest rates United Kingdom Vice President Willem Buiter witnesses