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What do you do? https://www.study-material.info/colonnademedicalcom-b457.pdf#else colonnademedical.com The problem for the BOE is how the “basic message†is interpreted. MPC members have said clearly they have not promised to keep rates low for any particular period of time: hence the link to the unemployment rate. They are engaged in a debate about how unemployment falls, with productivity puzzlingly low. But for markets, households and businesses, the question that matters in deciding their behavior is when, not how, unemployment reaches 7%. As BOE Deputy Governor Paul Tucker acknowledges, there is an inevitable transformation of so-called state-contingent guidance into time guidance.
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