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THE DECISIONS OF THE SHADOW MONETARY POLICY COMMITTEE AND MONETARY POLICY COMMITTEE SINCE 2002: A REJOINDER

Authors


David B Smith is a Visiting Professor at the Derby Business School and Chairman of the Shadow Monetary Policy Committee. (xxxbeaconxxx@btinternet.com).

Abstract

Koo, Paya and Peel make some very worthwhile points regarding the operation of the SMPC. Their analysis is interesting and helpful. However, the particular structure of the SMPC and the way it operates is, to some extent, determined by practicalities but also, more importantly, by the fact that it tries to operate as a discussion forum bringing together academics, bankers and financial experts rather than simply providing opinions on what the MPC should do.

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