Here’s the transcript of my interview with Martin Weale of the Bank of England’s Monetary Policy Committee. The write-up will be published in The Independent tomorrow morning.
1) Warns that NGDP target likely to prove inflationary; emphasises practical problems of implementing
2) Says that QE “certainly not parked”
3) Sees no evidence that fiscal multipliers have been higher [...]
Some economists argue that monetary policy is proving ineffective at getting us out of this present malaise because the Bank of England is failing to do enough stimulus, or, more importantly, failing to make it clear to the public and financial markets that it will do enough.
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