Georgios Chortareas International Economic Analysis Division, Bank of England   IEAD, MA, HO-2 Bank of England Threadneedle Street London, EC2R 8AH UK   georgios.chortareas@bankofengland.co.uk         Primary Research Focus: monetary policy design, international macroeconomics   JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General F3 : International Finance: General