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Oxford Economic Papers Advance Access originally published online on March 19, 2008
Oxford Economic Papers 2008 60(3):385-409; doi:10.1093/oep/gpn009
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© Oxford University Press 2008 All rights reserved

Decision-making at the Bank of England: a critical appraisal

Paul Downward* and Andrew Mearman{dagger}

*Loughborough University
{dagger}Bristol Business School, University of the West of England, Coldharbour Lane, Bristol, BS16 1QY; e-mail: Andrew.Mearman{at}uwe.ac.uk


  Abstract

This paper investigates the process of decision-making within the Bank of England and the Monetary Policy Committee (MPC): specifically, the extent of triangulation in the process. Triangulation is the mixing of two or more methods, investigators, theories, or data in a single investigation. Extensive evidence of limited triangulation is found within the MPC process. It is suggested that to enhance the logical consistency of their recommendations, the Bank engages in greater method triangulation. Further, in keeping with the moves towards transparency in the MPC process, it is proposed that procedures for employing the existing triangulation be codified.

Key Words: JEL classifications: E52 • E58 • B41 • C82 • C4


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