Recent economic developments and the MPC approach to monetary policy

Quarterly Bulletin 1998 Q3
Published on 01 September 1998

Domestically, the economy is closer to full-capacity output, with a greater risk of overheating than for some time, but the serious imbalance between external and domestic demand has created some difficult questions for the Monetary Policy Committee. The Governor notes that it is not surprising that, within a common framework of analysis, the MPC members have reached marginally different conclusions, and that what were fine judgments have changed—and will change in future—with the facts, in either direction.

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