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Decision-making at the Bank of England: A critical appraisal

Downward, Paul M; Mearman, Andrew

Authors

Paul M Downward

Andrew Mearman



Abstract

This paper investigates the process of decision-making within the Bank of England and the Monetary Policy Committee (MPC): specifically, the extent of triangulation in the process. Triangulation is the mixing of two or more methods, investigators, theories, or data in a single investigation. Extensive evidence of limited triangulation is found within the MPC process. It is suggested that to enhance the logical consistency of their recommendations, the Bank engages in greater method triangulation. Further, in keeping with the moves towards transparency in the MPC process, it is proposed that procedures for employing the existing triangulation be codified. © Oxford University Press 2008 All rights reserved.

Citation

Downward, P. M., & Mearman, A. (2008). Decision-making at the Bank of England: A critical appraisal. Oxford Economic Papers, 60(3), 385-409. https://doi.org/10.1093/oep/gpn009

Journal Article Type Article
Publication Date Jul 1, 2008
Deposit Date Jan 14, 2011
Journal Oxford Economic Papers
Print ISSN 0030-7653
Electronic ISSN 1464-3812
Publisher Oxford University Press (OUP)
Peer Reviewed Peer Reviewed
Volume 60
Issue 3
Pages 385-409
DOI https://doi.org/10.1093/oep/gpn009
Keywords monetary policy, triangulation, Bank of England
Public URL https://uwe-repository.worktribe.com/output/1018146
Publisher URL http://dx.doi.org/10.1093/oep/gpn009




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