Policy Forum: UK Macroeconomic Policy after Black Wednesday: Editorial Note
本文是政策论坛的编辑说明，聚焦1992年英镑退出欧洲汇率机制后英国政府建立的宏观经济政策新框架，特别是通胀目标和英格兰银行更大独立性的货币政策安排。
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...