In his speech, Ben Broadbent discusses monetary finance. He sets out how the cyclical behaviour of monetary and fiscal policy means that the coincidence of a higher deficit and easier monetary policy is not informative about this question. Instead, one needs to look at the behaviour of objectives. History suggests that, regardless of the fiscal position, the most important guarantee of stable inflation is a stable regime for monetary policy and an independent authority setting it.
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Bank Of England: Government Debt And Inflation - Speech By Ben Broadbent, Deputy Governor Monetary Policy, Delivered At The 2020 Annual Meeting Of The Central Bank Research Association
Date 02/09/2020
