Reflections on Monetary Policy after 25 Years of the MPC

Sean Holly is Professor of Economics at the University of Cambridge and a Fellow of Fitzwilliam College, Cambridge. Among other books he has published 'Control, Expectations and Uncertainty' (1989) (with A Hughes Hallett), Cambridge University Press. One of his papers was in the top 10 papers, 2005–15, published in the journal Spatial Economic Analysis. His research interests are in macroeconomics, monetary economics, applied econometrics and spatial analysis. Michael McMahon is Professor of Macroeconomics at University of Oxford, Senior Research Fellow at St Hugh's College, and CEPR research fellow. His interests are macroeconomics, monetary economics, and economic data science. His economics education was from Trinity College Dublin (BA), and the London School of Economics (MSc, MRes, Ph.D.). Stephen Millard has a Ph.D. from Northwestern University where he studied with the late Nobel Laureate Dale Mortensen. He worked for many years on monetary policy issues at the Bank of England and has published extensively, including in the Economic Journal and the Journal of the European Economic Association. Anna Watson is the Peter Selman Fellow and Director of Studies in Economics at Fitzwilliam College, University of Cambridge. She was educated at the Warsaw School of Economics (MSc), University of Warwick (MSc) and University of Cambridge (PhD). Anna's research interests are in open-economy macroeconomics, monetary economics and international trade.

1. Introduction Sean Holly, Michael McMahon, Stephen Millard and Anna Watson; 2. 25 years of bank of england independence: an international perspective Petra Geraats; Communication: 3. Reliable partners Ben Broadbent; 4. MPC monetary communication: children of the revolution(s) Delia Sih Chien Macaluso and Michael McMahon; 5. Central bank communication: never excuse, never explain Stephen Millard; Targets and Instruments: 6. The MPC remit at 25 – growing pains? Jens Larsen; 7. Raising the inflation target Tony Yates; 8. What have we learnt about unconventional monetary policy tools? Lessons from the global pandemic Charlotta Groth; 9. Finding new objectives, seeking new instruments David Cobham; Government debt management and monetary policy before and after the MPC William A. Allen; MPC Process: 10. An analysis of central bank decision-making Maria Demertzis, Catarina Martins and Nicola Viegi; 11. The decision-making process: nine members, one vote Richard Barwell; Lessons for Central Bank Independence: 12. The MPC: then and now Mervyn King; 13. Outlines of a reform programme for the UK's monetary regime Paul Tucker; Index.