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Monetary policy under Labour

By Timothy Besley and Kevin D. Sheedy


This paper analyses Labour's record on monetary policy and the record of the MPC which it created. The paper begins by discussing the conceptual framework and institutions behind inflation targeting as it operates in the UK. We then discuss the successes that it enjoyed up to 2007 and debate the lessons that are being learned as a consequence of the experience since then. We then raise some of the formidable challenges that UK monetary policy must now face up to including maintaining the credibility of the inflation targeting regime in the face of greater interdependence between monetary and fiscal policy, and between monetary policy and support to the banking system and financial markets

Topics: HJ Public Finance, JA Political science (General)
Publisher: Sage Publications
Year: 2010
DOI identifier: 10.1177/0027950110372733
OAI identifier:
Provided by: LSE Research Online
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