BoE’s Cunliffe defends dissenting vote
Deputy governor says uncertainty over Phillips curve implies policymakers should act cautiously
The Bank of England’s Jon Cunliffe has defended his decision to vote against the majority at the latest monetary policy meeting, citing uncertainty over the Phillips curve.
In remarks to the Oxford Economics Society, the deputy governor said it is unclear why the Phillips curve, linking unemployment to prices, appears not to be holding as strongly as in the past. He considered various options, including a flattening of the curve or its total disappearance.
The latter possibility would require
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