Designing a Monetary Authority

  • Willem H. Buiter
  • Anne C. Sibert


This note considers some of the issues involved in the design and conduct of monetary policy by an independent monetary authority. We bring complementary perspectives to this joint venture. One of us served on the Monetary Policy Committee of the Bank of England from its inception in June 1997 until June 2000. The other was a member of the Shadow Monetary Policy Committee and also of the ‘Maude Commission’, set up in 1999 by the then Shadow Chancellor of the Exchequer, The Rt. Hon. Francis Maude MP,”... to conduct an investigation into the workings, advantages and deficiencies of the current monetary policy regime....”1


Monetary Policy Central Bank Fiscal Policy Monetary Authority Inflation Target 
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  1. Bank of England Commission (2000), Final Report, Published by the Conservative Party, London.Google Scholar
  2. Barro, R. and D. Gordon (1983), A Positive Theory of Monetary Policy in a Natural Rate Model, Journal of Political Economy 91, 589–610.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Willem H. Buiter
    • 1
  • Anne C. Sibert
    • 2
  1. 1.European Bank for Reconstruction and DevelopmentUK
  2. 2.Birkbeck CollegeUniversity of LondonUK

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