Monetary policy and the yield curve

Quarterly Bulletin 1999 Q2
Published on 01 June 1999

By Andrew Haldane of the Bank’s International Finance Division and Vicky Read of the Bank’s Foreign Exchange Division.

These responses provide a measure of the degree of transparency and credibility of a monetary regime. There is evidence of yield-curve responses having been dampened since the introduction of inflation targeting in the United Kingdom in 1992—consistent with greater transparency and credibility of this monetary regime.

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