Please use this identifier to cite or link to this item: http://buratest.brunel.ac.uk/handle/2438/955
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dc.contributor.authorMartin, C-
dc.contributor.authorMilas, C-
dc.coverage.spatial20en
dc.date.accessioned2007-07-05T12:44:19Z-
dc.date.available2007-07-05T12:44:19Z-
dc.date.issued2004-
dc.identifier.citationEconomics and Finance Working papers, Brunel University, 04-11en
dc.identifier.urihttp://bura.brunel.ac.uk/handle/2438/955-
dc.description.abstractThis paper provides empirical evidence on the response of monetary policymakers to uncertainty. Using data for the UK since the introduction of inflation targets in October 1992, we find that the impact of inflation on interest rates is lower when inflation is more uncertain and is larger when the output gap is more uncertain. These findings are consistent with the predictions of the theoretical literature. We also find that uncertainty has reduced the volatility but has not affected the average value of interest rates and argue that monetary policy would have been less passive in the absence of uncertainty.en
dc.format.extent68020 bytes-
dc.format.mimetypeapplication/pdf-
dc.language.isoen-
dc.publisherBrunel Universityen
dc.subjectmonetary policy, uncertaintyen
dc.titleUncertainty and UK Monetary Policyen
dc.typeResearch Paperen
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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