David Bell's picture
University of Stirling
Professor of Economics

Voting history

Transparency and the Effectiveness of Monetary Policy following the Warsh Review at the Bank of England

Question 2: Do you agree that the Bank's proposal to release the policy decision, MPC minutes and (once a quarter) the Inflation Report all at the same time justifies a change in the structure of MPC meetings from two consecutive days to a process in which in the MPC meetings are spread out over seven days?


Confidence level:
This proposal cannot be seen as distinct from the decision to reduce the number of meetings from 12 to 8 per annum. It has never been clear to me why one needs, in normal circumstances, to have a high-frequency instrument to affect an outcome 18 months to two years ahead. I therefore agree with the proposal as part of the overall package. However, I would also urge caution if the new, more extended, structure of meetings might have an adverse impact on recruitment to the MPC.