Blog by author
Dr Corrado Macchiarelli
The outcome of the Brexit referendum caught financial markets by surprise, resulting in sharp moves in market prices. But what do those moves tell us about the underlying economic impacts?
Today, the Bank of England published minutes of the meeting of the Monetary Policy Committee that came to an end yesterday. At the meeting, the MPC decided to keep interest rates unchanged. The minutes also record the discussions that took place at the MPC about the Bank’s appropriate monetary stance. At NIESR, we have started quantifying the information content of MPC minutes and construct an index of the monetary stance.