#2005-020A "The U.K.'s Rocky Road to Stability"
by Nicoletta Batini, and Edward Nelson
March 2005

This paper provides an overview, using extensive documentary material, of developments in U.K. macroeconomic policy in the last half-century. Rather than focusing on well-known recent changes in policy arrangements (such as the introduction of inflation targeting in 1992 or central bank independence in 1997)... More...