01780cas a2200253 a 4500 AALejournalIMF001090 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858402 1018-5941 BD-DhAAL BD-DhAAL Samiei, Hossein. Central Bank Independence and the Conduct of Monetary Policy in the United Kingdom / Hossein Samiei, Jan Martijn. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (22 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The U.K. monetary policy framework, which combines inflation targeting with operational independence, provides a suitable arrangement for focused and credible monetary policy. However, potential weaknesses could result from features that have not yet been fully tested: the credibility and transparency of the inflation forecasts, which form the core of policy decisions, have diminished as a result of independence; and the framework could encourage excessive activism and frequent changes in interest rates. Although policy coordination could also suffer from independence, the new partly rules-based fiscal and monetary regimes will promote overall macroeconomic stability. Mode of access: Internet Martijn, Jan. IMF Working Papers; Working Paper ; No. 1999/170 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/170/001.1999.issue-170-en.xml IMF e-Library