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Research work published by the Bank is intended to
contribute to debate, and is not necessarily a statement of Bank policy.
Inflation targets  (44k)
(by Andrew Haldane of the Bank's Monetary Assessment and
Strategy Division)
summarises a number of the main issues-both technical and
conceptual-raised by the use of inflation targets as the
basis for a monetary policy framework. It draws on some
of the contributions made by representatives of those central
banks that use inflation targets at a conference on the
subject organised by the Bank earlier this year.
The housing market and the economy (69k)
(by Joanne Cutler of Structural Economic Analysis Division)
summarises the recent historical trends in the UK housing
market, and looks at the links between housing and the wider
economy in recent years. It also considers how the relationship
might be affected by an environment of sustained low inflation.
Company profitability and finance (71k)
(by Mark Cornelius and Kieren Wright of the Structural Economic
Analysis Division)
assesses the evolution of firms' financial position over
1994 and 1995 Q1. Company profitability continued to improve
rapidly in 1994. Investment by industrial and commercial
companies fell, however, though there were marked differences
between sectors. Stocks have been increasing; corporate
debt has remained relatively high.
The Bank's new UK commodity price index (38k)
(by Andrew Logan and Lucy O'Carroll)
explains the construction of the Bank's new measure of commodity
price pressures in the UK economy.
The behaviour of the foreign exchange market (45k)
(by Professor Alan Kirman)
examines what developments in economic theory can contribute
to an understanding of the recent evolution of the foreign
exchange market. It considers whether alternatives to the
standard efficient-markets model can offer a better explanation
of the market's actual behaviour.
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