We re-investigate the traditional thinking of a fixed inflation target within an inflation-targeting central bank, the Bank of England (BOE). Drawing on extensive readings of the BOE's publications, we investigate whether, in addition to setting the officially announced inflation target based on its medium to long-term considerations, the BOE has short-term inflation targets that periodically differ from its medium-term objective. By estimating a New Keynesian model, we uncover that the Monetary Policy Committee of the BOE set short-term targets while gradually bringing inflation to the announced medium-term inflation objective. We also find that the Bank of England's short-term inflation target helps to explain the inflation path in the UK and the periodic and sustained movements in inflation away from its official target. This implicit short-term inflation target was time-varying in response to exogenous shocks, cost-push shocks and technology shocks.

我们重新研究了在以通胀为目标的中央银行英格兰银行 (BOE) 内固定通胀目标的传统思维。通过对英国央行出版物的广泛阅读，我们调查了英国央行除了根据中长期考虑设定官方公布的通胀目标外，是否还有与中期目标存在周期性差异的短期通胀目标。通过对新凯恩斯主义模型的估计，我们发现英国央行货币政策委员会在设定短期目标的同时，逐步将通胀推向了宣布的中期通胀目标。我们还发现，英格兰银行的短期通胀目标有助于解释英国的通胀路径以及通胀偏离其官方目标的周期性和持续性运动。