These papers report on research carried out by, or under the supervision of, the external members of the Monetary Policy Committee (MPC) and their economic staff. Papers are made available as soon as practicable in order to share research results and stimulate further discussion of key policy issues. Their publication is authorised by the MPC member who commissioned the research. However, the views expressed are those of the author(s) and do not represent the views of the Bank of England or necessarily the views of the external Monetary Policy Committee members.
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