Decision-Making at the Bank of England: A Critical Appraisal

Posted: 2 Jul 2008

See all articles by Paul M. Downward

Paul M. Downward

Loughborough University - Department of Economics

Date Written: July 2008

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.

Keywords: JEL classifications: E52, E58, B41, C82, C4

Suggested Citation

Downward, Paul M., Decision-Making at the Bank of England: A Critical Appraisal (July 2008). Oxford Economic Papers, Vol. 60, Issue 3, pp. 385-409, 2008, Available at SSRN: https://ssrn.com/abstract=1154406 or http://dx.doi.org/gpn009

Paul M. Downward (Contact Author)

Loughborough University - Department of Economics ( email )

York House
Loughborough LE11 3TU
Great Britain

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