This short paper use the perspective of the assignment problem to examine the evolution of the workings of monetary policy and the Monetary Policy Committee (MPC) of the Bank of England over its first 25 years. It outlines how the Bank, and the MPC, came across additional possible objectives and...

A statistical methodology is developed to identify when policymakers in ‘advanced’ economies have successfully pursued different single objectives or multiple objectives. Multiple objectives pure and simple are distinguished from multiple objectives subject to a price stability constraint....