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  • Anforme How Effective has UK Monetary Policy been?

Anforme How Effective has UK Monetary Policy been?

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Brian Ellis, a Chair of Examiners, economics and business trainer and consultant, and Colin Ellis, Chief Economist & Head of Research at the BVC review the working of monetary policy in the UK by the Bank of England Monetary Policy Committee since 1997.

Summary of Key Points:

  • A decade of success brought growing credibility for the Monetary Policy Committee but CPI inflation has now been above its target range for a year.
  • Base rate has been at 0.5% since March 2009 and quantitative easing has also been used to increase commercial bank liquid assets.
  • The theoretical working of the monetary transmission mechanism is impressive but experience has revealed limitations in its operation.
  • A year after the end of recession,GDP remains well below pre-recession levels. Uncertainty over both inflationary pressures and the impact of government fiscal tightening leaves MPC members divided over their next action.

This article is from ET Volume 18 Issue 3.

Brian Ellis, a Chair of Examiners, economics and business trainer and consultant, and Colin Ellis, Chief Economist & Head of Research at the BVC review the working of monetary policy in the UK by the Bank of England Monetary Policy Committee since 1997.

Summary of Key Points:

  • A decade of success brought growing credibility for the Monetary Policy Committee but CPI inflation has now been above its target range for a year.
  • Base rate has been at 0.5% since March 2009 and quantitative easing has also been used to increase commercial bank liquid assets.
  • The theoretical working of the monetary transmission mechanism is impressive but experience has revealed limitations in its operation.
  • A year after the end of recession,GDP remains well below pre-recession levels. Uncertainty over both inflationary pressures and the impact of government fiscal tightening leaves MPC members divided over their next action.

This article is from ET Volume 18 Issue 3.

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