Governance and Regulation of the BBC As Part of Charter Renewal
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Rachel Lomax: Inflation Targeting in Practice - Models, Forecasts and Hunches
Rachel Lomax: Inflation targeting in practice - models, forecasts and hunches Speech by Ms Rachel Lomax, Deputy Governor of the Bank of England, to the 59th International Atlantic Economic Conference, London, 12 March 2005. I am most grateful to Jens Larsen, James Bell, Fabrizio Zampolli and Robin Windle for research support; and to Charlie Bean, Peter Andrews, Spencer Dale, Phil Evans, Laura Piscitelli and other colleagues at the Bank of England for helpful comments. * * * Introduction Five and a half years ago in his Monnet lecture Charles Goodhart1 was able to talk with some confidence of the features that particularly distinguished the UK’s approach to inflation targeting. Today with over 20 countries, in every habitable continent, formally operating some variant of inflation targeting and many more adopting some parts of the framework, all actively sharing experience and best practice, I suspect that most aspects of our approach would find a counterpart somewhere else in the world. But Charles’s focus on the Monetary Policy Committee’s (MPC) personal engagement in producing a published inflation forecast still seems to me to capture the essence of the UK’s approach. Today I want to talk about the role that forecasting has come to play in helping the MPC to take and communicate its decisions. In what sense does the Committee really ‘own’ the published forecasts that go out under its name? How much use do we make of models, and what models do we use? How far do our forecasts appear to drive interest rate decisions? And is there any evidence that this has helped to make policy more or less predictable? Finally I want to end by commenting on some of the issues raised by forecasts as a means of communication. -
BBC Trust Public Consultation: PVT II
BBC Trust Public Consultation: PVT II August – September 2015 A report by ICM on behalf of the BBC Trust Creston House, 10 Great Pulteney Street, London W1F 9NB [email protected] | www.icmunlimited.com | +44 020 7845 8300 (UK) | +1 212 886 2234 (US) ICM Research Ltd. Registered in England No. 2571387. Registered Address: Creston House, 10 Great Pulteney Street, London W1F 9NB A part of Creston Unlimited Confidential. All work in accordance with ISO 27001 and 20252 Table of contents 1. Background and Methodology ....................................................................................... 3 1.1 About the PVT and Public Consultations ..................................................................... 3 1.2 About the methodology ................................................................................................ 4 1.3 Collecting responses ................................................................................................... 4 2. Executive Summary ........................................................................................................ 6 3. Consultation Findings .................................................................................................. 10 3.1 BBC Three Proposal Summary .................................................................................. 10 3.2 BBC One + 1 Proposal Summary .............................................................................. 19 3.3 BBC iPlayer Proposal Summary ............................................................................... -
University of Surrey Discussion Papers in Economics By
råáp=== = = ======råáîÉêëáíó=çÑ=pìêêÉó Discussion Papers in Economics THE DISSENT VOTING BEHAVIOUR OF BANK OF ENGLAND MPC MEMBERS By Christopher Spencer (University of Surrey) DP 03/06 Department of Economics University of Surrey Guildford Surrey GU2 7XH, UK Telephone +44 (0)1483 689380 Facsimile +44 (0)1483 689548 Web www.econ.surrey.ac.uk ISSN: 1749-5075 The Dissent Voting Behaviour of Bank of England MPC Members∗ Christopher Spencer† Department of Economics, University of Surrey Abstract I examine the propensity of Bank of England Monetary Policy Committee (BoEMPC) members to cast dissenting votes. In particular, I compare the type and frequency of dissenting votes cast by so- called insiders (members of the committee chosen from within the ranks of bank staff)andoutsiders (committee members chosen from outside the ranks of bank staff). Significant differences in the dissent voting behaviour associated with these groups is evidenced. Outsiders are significantly more likely to dissent than insiders; however, whereas outsiders tend to dissent on the side of monetary ease, insiders do so on the side of monetary tightness. I also seek to rationalise why such differences might arise, and in particular, why BoEMPC members might be incentivised to dissent. Amongst other factors, the impact of career backgrounds on dissent voting is examined. Estimates from logit analysis suggest that the effect of career backgrounds is negligible. Keywords: Monetary Policy Committee, insiders, outsiders, dissent voting, career backgrounds, ap- pointment procedures. Contents 1 Introduction 2 2 Relationship to the Literature 2 3 Rationalising Dissent Amongst Insiders and Outsiders - Some Priors 3 3.1CareerIncentives........................................... 4 3.2CareerBackgrounds........................................ -
The Tempered Ordered Probit (TOP) Model with an Application to Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10
ISSN 1750-4171 ECONOMICS DISCUSSION PAPER SERIES The Tempered Ordered Probit (TOP) Model With An Application To Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10 School of Business and Economics Loughborough University Loughborough LE11 3TU United Kingdom Tel: + 44 (0) 1509 222701 Fax: + 44 (0) 1509 223910 http://www.lboro.ac.uk/departments/sbe/economics/ The Tempered Ordered Probit (TOP) model with an application to monetary policy William H. Greeney Max Gillmanz Mark N. Harrisx Christopher Spencer{ September 2013 Abstract We propose a Tempered Ordered Probit (TOP) model. Our contribution lies not only in explicitly accounting for an excessive number of observations in a given choice category - as is the case in the standard literature on in‡ated models; rather, we introduce a new econometric model which nests the recently developed Middle In‡ated Ordered Probit (MIOP) models of Bagozzi and Mukherjee (2012) and Brooks, Harris, and Spencer (2012) as a special case, and further, can be used as a speci…cation test of the MIOP, where the implicit test is described as being one of symmetry versus asymmetry. In our application, which exploits a panel data-set containing the votes of Bank of England Monetary Policy Committee (MPC) members, we show that the TOP model a¤ords the econometrician considerable ‡exibility with respect to modelling the impact of di¤erent forms of uncertainty on interest rate decisions. Our …ndings, we argue, reveal MPC members’ asymmetric attitudes towards uncertainty and the changeability of interest rates. Keywords: Monetary policy committee, voting, discrete data, uncertainty, tempered equations. -
Bank of England Annual Report 2003 Contents
Bank of England Annual Report 2003 Bank of England Annual Report 2003 Contents 3Governor’s Foreword 6 The Court of Directors 8Governance and Accountability 10 The Bank’s Core Purposes 12 Organisation Overview 14 The Executive and Senior Management 16 Review of Performance against Objectives and Strategy 30 Monetary Policy Committee Processes 34 Objectives and Strategy for 2003/04 35 Financial Framework for 2003/04 39 Personnel and Community Activities 43 Remuneration of Governors, Directors and MPC Members 47 Report from Members of Court 52 Risk Management 55 Report by the Non-Executive Directors 58 Report of the Independent Auditors The Bank’s Financial Statements 60 Banking Department Profit and Loss Account 61 Banking Department Balance Sheet 62 Banking Department Cash Flow Statement 63 Notes to the Banking Department Financial Statements 92 Issue Department Statements of Account 93 Notes to the Issue Department Statements of Account 95 Addresses and Telephone Numbers Eddie George, Governor 2 Bank of England Annual Report 2003 Governor’s Foreword This is the last occasion on which I will write the foreword to the Bank of England’s Annual Report, having had the immense privilege – and enormous pleasure – of serving the Bank as its Governor for the past ten years. At the time of my appointment in 1993, many of our preoccupations were very similar to those we have today – I see that in my first foreword I wrote about the importance of price stability as the primary objective for monetary policy. But what we did not fully appreciate as the Bank entered its fourth century was the extent and speed of the changes it was about to experience, which have proved to be among the most dramatic and interesting in its history. -
Bank of England
Bank of England Annual Report 2001 Bank of England Annual Report 2001 Contents 3 Governor’s Foreword 6 The Court of Directors 8 Governance and Accountability 10 Organisation Overview 12 The Executive and Senior Management 14 The Bank’s Core Purposes 15 Review of Performance against Objectives and Strategy 28 Monetary Policy Committee Processes 33 Objectives and Strategy for 2001/02 34 Financial Framework for 2001/02 38 Personnel, Community Activities and Technical Assistance 43 Remuneration of Governors, Directors and MPC Members 47 Report from Members of Court 51 Risk Management 54 Report by the Non-Executive Directors 56 Report of the Independent Auditors 58 The Bank’s Financial Statements 58 Banking Department Profit and Loss Account 59 Banking Department Balance Sheet 60 Banking Department Cash Flow Statement 61 Notes to the Banking Department Financial Statements 85 Issue Department Statements of Account 86 Notes to the Issue Department Statements of Account 88 Addresses and Telephone Numbers Sir Edward George, Governor 2 Bank of England Annual Report 2001 Governor’s Foreword The past year has seen further steady progress for the UK economy as a whole. By the first 1 quarter of 2001, output was some 2 /2% higher than a year earlier, leaving the annual average rate of growth at around 3% since the recovery from recession began some nine years ago. Employment has continued to rise, to over 28 million on the latest LFS data – the highest number of people in work on record; and the rate of unemployment has continued to decline, to 3.3% on the claimant count – the lowest rate since August 1975. -
Proposed Changes to the BBC Iplayer Response to Ofcom’S Call for Evidence 1 Executive Summary
Proposed Changes to the BBC iPlayer Response to Ofcom’s Call for Evidence 1 Executive summary Ofcom’s BBC Competition Assessment (“BCA”) of the changes proposed to the BBC’s iPlayer is a significant undertaking, and the first major review of the BBC’s public service activities under the new regulatory framework overseen by Ofcom. It is therefore essential that Ofcom follows its procedures and conducts a robust and comprehensive assessment of the BBC’s proposals and procedures to demonstrate to all interested parties the effectiveness of the regime. Ofcom’s announcement that it intends to complete this BCA in half the ‘standard’ time does not give stakeholders confidence that its assessment will be sufficiently robust or comprehensive. A 10-day period for responses to this call for evidence has exacerbated that view. This is particularly the case when the BBC’s Public Interest Test (“PIT”) process was fundamentally flawed by its failure to consult appropriately with interested parties, as it is required to do, as a result of its refusal to adequately define the proposed changes to the iPlayer. The BBC continues to obfuscate by making ‘indicative’ proposals, and asking Ofcom to approve unrestricted, and unregulated future growth in the service as part of a ‘level playing field’ for the Licence Fee funded BBC. Ofcom’s first task must be to define the scope of the changes being assessed. Having done so, Sky is relying on it to consult further with stakeholders to obtain views on their impact on the market or send the proposals back to the BBC to re-take the PIT and allow the BBC to consult with industry. -
The Organisation and Structure of Central Banks. Dissertation
The Organisation and Structure of Central Banks Dissertation Approved as fulfilling the requirements for the degree of Doctor rerum politicarum (Dr. rer. pol.) at the Department of Law and Economics of Technische Universität Darmstadt by Jan Weidner, M.Sc. (born in Darmstadt) First supervisor: Prof. Dr. Volker Nitsch Second supervisor: Prof. Dr. Michael Neugart Date of submission: April 20, 2017 Date of defense: July 13, 2017 Place of publication: Darmstadt Year of publication: 2017 D17 Acknowledgments At this point, I would like to take a moment to thank those who have supported and guided me over the course of writing this dissertation. First and foremost, I owe my doctoral advisor Prof. Dr. Volker Nitsch a huge debt of gratitude for a number of reasons. Firstly, for agreeing to supervise my thesis and, secondly, for offering me a position at his chair. Above all however, I must thank him for the expertise he has shared with me and the moral support he provided me throughout this process. His knowledge, opinions, and advice have always been of great assistance and value to me. I thank Prof. Dr. Michael Neugart greatly for being my second supervisor and for his guidance and advice on many issues. Additionally, my great experience of a Winter School in Shanghai is thanks to him and I will remember this always. Finally, it would be remiss of me not to thank him for the happy hours spent on the football pitch. I wish to express my gratitude to the chairman of my examination committee, Prof. Dr. Jens Krüger, and to the other members of the committee, Prof. -
Report 2002.Qxd
Bank of England Annual Report 2002 Bank of England Annual Report 2002 Contents 3Governor’s Foreword 6 The Court of Directors 8Governance and Accountability 10 The Bank’s Core Purposes 12 Organisation Overview 14 The Executive and Senior Management 16 Review of Performance against Objectives and Strategy 32 Monetary Policy Committee Processes 36 Objectives and Strategy for 2002/03 37 Financial Framework for 2002/03 41 Personnel and Community Activities 45 Remuneration of Governors, Directors and MPC Members 49 Report from Members of Court 53 Risk Management 56 Report by the Non-Executive Directors 58 Report of the Independent Auditors 60 The Bank’s Financial Statements 60 Banking Department Profit and Loss Account 61 Banking Department Balance Sheet 62 Banking Department Cash Flow Statement 63 Notes to the Banking Department Financial Statements 90 Issue Department Statements of Account 91 Notes to the Issue Department Statements of Account Addresses and Telephone Numbers Eddie George, Governor 2 Bank of England Annual Report 2002 Governor’s Foreword The UK economy has faced a difficult international environment over the past year. The internationally-exposed sectors were severely affected by the global economic slowdown, aggravated by the events of 11 September, and by the continuing weakness of the euro in foreign exchange markets. Although for much of the time we were able to fend off the worst effects on the economy as a whole by stimulating domestic demand, notably consumer spending, this necessarily meant living with a two-speed economy. Even so growth came to a halt in the fourth quarter of 2001 and the first quarter of 2002. -
Creating and Measuring Dynamic Public Value at the BBC a Scoping Report
Creating and measuring dynamic public value at the BBC A scoping report By Mariana Mazzucato, Rowan Conway, Eleonora Maria Mazzoli, Eva Knoll and Sarah Albala December 2020 Creating and measuring dynamic public value at the BBC December 2020 Written by Mariana Mazzucato, Rowan Conway, Eleonora Maria Mazzoli, Eva Knoll and Sarah Albala Published by UCL Institute for Innovation and Public Purpose (IIPP) 11 Montague Street London, WC1B 5BP ucl.ac.uk/iipp This report can be referenced as follows: Mazzucato, M., Conway, R., Mazzoli, E., Knoll, E and Albala, S. (2020). Creating and measuring dynamic public value at the BBC. UCL Institute for Innovation and Public Purpose, Policy Report, (IIPP WP 2020-23). Institute for Innovation and Public Purpose The mission of the UCL Institute for Innovation and Public Purpose (IIPP) is to change how public value is imagined, practised and evaluated to tackle societal challenges — delivering economic growth that is innovation-led, sustainable and inclusive. Growth has not only a rate but also a direction: IIPP confronts this directionality head on. Finding solutions to global challenges requires purposeful organisations to collaborate in fundamentally new ways — across the state, businesses and civil society. Together, they can help reshape markets to produce growth that delivers public value. Building symbiotic eco-systems requires new tools and new forms of collaboration. IIPP rethinks the role of the state in these collaborations. Rather than just a market fixer, it can be an active co-creator of value. A mission-oriented approach can be used to set inspirational goals, with dynamic tools — from procurement to prize schemes — to nurture bottom-up experimentation and exploration across different sectors. -
Inflation Report
Inflation Report May 2000 The Inflation Report is produced quarterly by Bank staff under the guidance of the members of the Monetary Policy Committee. It serves two purposes. First, its preparation provides a comprehensive and forward-looking framework for discussion among MPC members as an aid to our decision making. Second, its publication allows us to share our thinking and explain the reasons for our decisions to those whom they affect. Although not every member will agree with every assumption on which our projections are based, the fan charts represent the MPC’s best collective judgment about the most likely path for inflation and output, and the uncertainties surrounding those central projections. This Report has been prepared and published by the Bank of England in accordance with section 18 of the Bank of England Act 1998. The Monetary Policy Committee: Eddie George, Governor Mervyn King, Deputy Governor responsible for monetary policy David Clementi, Deputy Governor responsible for financial stability Willem Buiter Charles Goodhart DeAnne Julius Ian Plenderleith John Vickers Sushil Wadhwani The Overview of this Inflation Report is available on the Bank’s web site: www.bankofengland.co.uk/inflationreport/infrep.htm The entire Report is available in PDF format on www.bankofengland.co.uk/inflationreport/index.htm Printed by Park Communications Ltd © Bank of England 2000 ISBN 1 85730 167 6 ISSN 1353–6737 Overview In the first quarter of 2000, output in the UK economy was 2.9% higher than a year earlier, and inflation on the RPIX measure was 2.0% in March. Final domestic demand, led by household consumption, grew strongly last year. -
Inflation Report November 2000
Inflation Report November 2000 The Inflation Report is produced quarterly by Bank staff under the guidance of the members of the Monetary Policy Committee. It serves two purposes. First, its preparation provides a comprehensive and forward-looking framework for discussion among MPC members as an aid to our decision making. Second, its publication allows us to share our thinking and explain the reasons for our decisions to those whom they affect. Although not every member will agree with every assumption on which our projections are based, the fan charts represent the MPC’s best collective judgment about the most likely paths for inflation and output, and the uncertainties surrounding those central projections. This Report has been prepared and published by the Bank of England in accordance with section 18 of the Bank of England Act 1998. The Monetary Policy Committee: Eddie George, Governor Mervyn King, Deputy Governor responsible for monetary policy David Clementi, Deputy Governor responsible for financial stability Christopher Allsopp Charles Bean DeAnne Julius Stephen Nickell Ian Plenderleith Sushil Wadhwani The Overview of this Inflation Report is available on the Bank’s web site: www.bankofengland.co.uk/inflationreport/infrep.htm The entire Report is available in PDF format on www.bankofengland.co.uk/inflationreport/index.htm Printed by Park Communications Ltd © Bank of England 2000 ISBN 1 85730 192 7 ISSN 1353–6737 Overview The United Kingdom has continued to experience above-trend growth and low inflation. Output in the third quarter is provisionally estimated to have been 2.9% higher than a year ago, while RPIX inflation was 2.2% in the year to September, marginally below the 1 2 /2% target.