Decision-making at the Bank of England: A critical appraisal

Downward, Paul M; Mearman, Andrew

Abstract

This paper investigates the process of decision-making within the Bank of England and the Monetary Policy Committee (MPC): specifically, the extent of triangulation in the process. Triangulation is the mixing of two or more methods, investigators, theories, or data in a single investigation. Extensive evidence of limited triangulation is found within the MPC process. It is suggested that to enhance the logical consistency of their recommendations, the Bank engages in greater method triangulation. Further, in keeping with the moves towards transparency in the MPC process, it is proposed that procedures for employing the existing triangulation be codified. © Oxford University Press 2008 All rights reserved.

• Journal Article Type: Article
• Publication Date: Jul 1, 2008
• Deposit Date: Jan 14, 2011
• Journal: Oxford Economic Papers
• Print ISSN: 0030-7653
• Electronic ISSN: 1464-3812
• Publisher: Oxford University Press (OUP)
• Peer Reviewed: Peer Reviewed
• Volume: 60
• Issue: 3
• Pages: 385-409
• DOI: https://doi.org/10.1093/oep/gpn009
• Keywords: monetary policy, triangulation, Bank of England
• Public URL: https://uwe-repository.worktribe.com/output/1018146
• Publisher URL: http://dx.doi.org/10.1093/oep/gpn009
• Contract Date: Nov 7, 2016