Inflation Targeting: Learning the Lessons from the Financial Crisis - Speech by Spencer Dale

In a speech given today at the Annual Conference of the Society of Business Economists in London, Spencer Dale - Chief Economist and member of the Monetary Policy Committee - talks about inflation targeting and the lessons that should be learnt from the financial crisis.
Published on 23 June 2009

He also addresses some concerns that have been raised about the asset purchase programme.

Spencer Dale points out that the operation of monetary policy over the past year "...demonstrates the strength of the inflation targeting framework in action." The clear numerical target, combined with a framework of transparency and accountability, has been "... instrumental in ensuring that monetary policy has responded boldly and decisively to the events that have unfolded..." The credibility of the target is underpinned by the commitment to the public that ".the Committee will do whatever it takes to hit the inflation target..."

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