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A Proposed Framework for Monetary Policy |
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| Authors: | ANTHONY GARRATT STEPHEN HALL |
| Abstract: | Leave the ERM, cut interest rates and let the pound find its own level⃛ it's the cut and run option. The credibility of our anti-inflationary strategy would be in tatters. And quite soon interest rates would have to go back up again - Norman Lamont, in a speech to the European Policy Forum, July 1992. |
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