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Please use this identifier to cite or link to this item: https://dspace.lboro.ac.uk/2134/15968

Title: The policy choices and reaction functions of Bank of England MPC Members
Authors: Harris, Mark N.
Spencer, Christopher
Issue Date: 2009
Publisher: © University of North Carolina
Citation: HARRIS, M.N. and SPENCER, C., 2009. The policy choices and reaction functions of Bank of England MPC Members. Southern Economic Journal, 76 (2), pp.482-499.
Abstract: The results of an econometric exercise are presented, showing that Monetary Policy Committee (MPC) members appointed from outside the ranks of Bank of England staff (outsiders) react differently to forecasts of inflation and output than those appointed from within the Bank (insiders). All results are reinforced by the well-established findings that, compared with outsiders, insiders choose higher interest rates, are more likely to vote as a bloc, and feature on the winning side of policy decisions more frequently. On the basis of these results, it is argued that the current MPC framework is biased toward the policy choices of insiders.
Sponsor: Financial support from the Economic and Social Research Council (ESRC) is gratefully acknowledged (ESRC Postgraduate Studentship R42200134224).
Version: Publisher version
DOI: 10.4284/sej.2009.76.2.482
URI: https://dspace.lboro.ac.uk/2134/15968
Publisher Link: http://dx.doi.org/10.4284/sej.2009.76.2.482
ISSN: 0038-4038
Appears in Collections:Published Articles (Economics)

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