This paper examines whether politics causes regime shifts in deviations from the optimal monetary policy in the United Kingdom. After using a dynamic stochastic general equilibrium model to construct the welfare‐maximizing policy rule and deviations from the optimal Taylor rule, we show that politics does indeed play an important role in explaining these deviations. In addition to politics, unemployment rates account for regime shifts in the Taylor rule deviations.

中文翻译：

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政治与英国的货币政策

本文研究了政治是否导致英国偏离最佳货币政策的政权转移。在使用动态随机一般均衡模型构建福利最大化政策规则以及与最优泰勒规则的偏差之后，我们表明政治确实在解释这些偏差方面起着重要作用。除政治外，失业率也是泰勒规则偏差中政权变动的原因。