Angus Armstrong, Francesco Caselli, Jagjit Chadha, Wouter den Haan, 17 March 2015

Following the Warsh Review, the Bank of England plans to release its policy decisions, ‘enhanced’ meeting minutes and (once a quarter) the Inflation Report all at the same time. This column, which reports the views of the leading UK-based macroeconomists, reveals substantial support for the idea of simultaneously providing the different Monetary Policy Committee (MPC) documents. In order to make this possible, the Bank plans to change the structure of its MPC meetings. When the proposed change in the structure is taken into account, the panel is split on the desirability of the Bank's plans.

Charles Goodhart, 02 March 2015

Following the Warsh Review, the recording, number, and timing of the Bank of England’s Monetary Policy Committee meetings will change. This column argues that the recording may make the decision meeting more formal and could inhibit debate, although the eight-year gap before publishing transcripts ameliorates this concern. Having fewer MPC meetings is a good thing, and reduces ‘noise’ around monetary policy. The revised meeting schedule will not add to transparency and raises the risk of leaks and ‘news shocks’.

Barry Eichengreen, Petra Geraats, 06 January 2015

The Bank of England has been a beacon for openness and transparency. This column argues that proposed changes to its procedures will worsen transparency. The changes would make the policymaking process less efficient in the name of transparency. But transparency is not an end in itself. Rather, it is a tool for enhancing accountability and, just as importantly, advancing the ultimate goal of making monetary policy more efficient and effective.

Michael McMahon, Stephen Hansen, 25 September 2010

While committees of experts are becoming more common in public policy, how best to design them remains an open question. This column asks what external experts bring to the table. Examining behavioural differences between internal and external members of the Bank of England’s Monetary Policy Committee, it shows that differences in behaviour are driven by differences in information and in approaches to monetary policy.

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