Interpreting Monetary Policy - speech by David Miles

In a speech today at the Imperial College Business School in London - David Miles, an external member of the Monetary Policy Committee - examines the policy of buying assets using the Asset Purchase Facility, know as quantitative easing (QE), and considers the difficulties in setting and interpreting monetary policy in these abnormal times.
Published on 25 February 2010

David Miles says the February MPC decision to hold the stock of asset purchases at £200bn allows the impact of these purchases on the UK economy to continue. It was a decision to maintain an extraordinarily expansionary monetary policy. Depending on how things evolve in the economy, the stock of purchases may be added to; and at some point in the future it will be reduced. It remains to be seen whether the current policy stance - reflected in the stock of purchases and level of Bank Rate - will still look appropriate as we move through 2010.

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