How central banks use interest rates to steer the economy
Policy rates ripple through borrowing costs, asset prices and exchange rates. This explainer sets out how the transmission mechanism works — and where it can break down.
Policy rates ripple through borrowing costs, asset prices and exchange rates. This explainer sets out how the transmission mechanism works — and where it can break down.
Independence aims to protect price stability from short-term pressures. It comes with expectations of accountability.