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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.
The costs of inflation  (59k)
(by Clive Briault of the Bank's Monetary Assessment and
Strategy Division)
surveys the academic literature: economic theory suggests
that inflation imposes costs through a variety of channels;
consistent with this, most empirical studies have found
a significant negative correlation between inflation and
growth. At the broadest level, the available evidence supports
the view that well-run economies with strong and efficient
productive structures tend to exhibit both low inflation
and high growth.
Influences on broad money growth (52k)
(by Chris Salmon of the same Division)
reviews the evolution of the role of broad money indicators
in the monetary policy framework, and considers the factors
currently influencing the growth of M4-focusing on the effects
of disintermediation and balance-sheet restructuring. It
compares the UK position with recent trends in Australia,
Canada and the United States.
The evolution of central banking in post-communist countries (30k)
(by Victoria Fleming and Stuart Cole)
assesses the development of central banking in the countries
of central and eastern Europe, and the former Soviet Union,
and outlines the help these countries have received in the
area from international financial institutions and established
central banks.
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