United Kingdom Inflation Targeting and the Exchange Rate
分析英国以消费者价格指数为目标的通胀目标制是否最优，以及汇率在货币政策传导中的作用，发现将进口品视为中间产品能更好解释汇率与通胀的弱关系，并支持CPI作为目标。
The UK's monetary policy strategy is one of floating exchange rates and inflation forecast targeting, with the targeted measure referring to consumer prices. We consider whether it is welfare-reducing to target inflation in the CPI rather than in a narrower index and the role of the exchange rate in the transmission of monetary policy actions to CPI inflation. It is appropriate to model imports as intermediate goods rather than goods consumed directly by households. This leads to a simpler transmission mechanism of monetary policy while also offering a sustainable explanation of the weakness of the exchange rate/inflation relationship and making consumer price inflation an appropriate monetary policy target. Copyright 2006 Royal Economic Society.