Policy Forum: UK Macroeconomic Policy After Black Wednesday
回顾1992年英镑退出欧洲汇率机制（ERM）的危机，分析英国政府随后建立的以通胀目标和央行独立性为核心的新宏观经济政策框架，对理解汇率危机后的政策转型有参考价值。
Sterling's departure from the ERM in September 1992 was a dramatic event. As with previous exchange rate crises it was preceded by hyperactivity in the foreign exchange markets and superficially at least classical one‐way option speculation. Attempts to maintain sterling within its bounds either by talking it up or by trying to regain credibility via sharp interest rate increases ultimately proved fruitless. In the period since then the UK Government has set a new framework for macroeconomic policy. That framework is the focus of this Policy Forum. In the first paper David Cobham focuses on monetary policy and the post‐ERM framework of an inflation target and a greater degree of independence for the Bank of England. Cobham begins by commenting on the relative merits of monetary and exchange rate targets, arguing that the introduction of the latter in the late 1980s had much to do with the perceived failings of...