Chadha, Jagjit S.; Macmillan, Peter; Nolan, Charles - Centre for Dynamic Macroeconomic Analysis, University … - 2006
Central bank independence is widely thought be a sine qua non of a credible commitment to price stability. The surprise decision by the UK government to grant operational independence to the Bank of England in 1997 affords us a natural experiment with which to gauge the impact on the yield curve...