DAVID COBHAM is a Reader in Economics at the University of St Andrews. He was Houblon-Norman research fellow at the Bank of England in 1987 and 2001. His main research interest is UK monetary policy, but he has also worked on monetary integration (in Europe and in Africa), on monetary policy and central banking in France and Italy, on Islamic banking, and on financial systems.
List of Figures.
List of Tables.
List of Abbreviations.
Analytical Introduction: Alternative Monetary Frameworks.
Monetary Targeting, 1977-1986.
The Interregnum and the Lawson Boom, 1985-1990.
The ERM Interlude, 1990-1992.
The 1993-1997 'New Framework' for Monetary Policy.
Monetary Policy under the MPC, 1997-2000.
Interest Rate Decisions and the Exchange Rate.
Monetary Policy and the Exchange Rate.
Interest Rate Smoothing.
Conclusion: Competence, Commitment and Monetary Policy Performance.