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THE DECISIONS OF THE SHADOW MONETARY POLICY COMMITTEE AND MONETARY POLICY COMMITTEE SINCE 2002

Authors


Jahyun Koo is a researcher at the Korean Central Bank. He recently obtained his PhD at the University of Lancaster.

Ivan Paya is Professor of Economics at the University of Lancaster (i.paya@lancaster.ac.uk).

David Peel is Professor of Economics at the University of Lancaster (d.peel@lancaster.ac.uk).

Abstract

We analyse the decisions of the Monetary Policy Committee (MPC) and the recommendations of the Shadow Monetary Policy Committee (SMPC) over the period 2002–2011. We find that the SMPC policy recommendations have to a large extent agreed with the policy actions of the MPC on interest rates. We offer some suggestions as to how the recommendations of the SMPC could be enhanced.

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