Effectiveness of Bank of England Monetary Policy Post-GFC Analysis
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This report provides a comprehensive analysis of the Bank of England's monetary policy since the Global Financial Crisis (GFC). It examines the effectiveness of various monetary policy tools, including interest rate adjustments and quantitative easing (QE), in achieving inflation targets and promoting economic stability. The report delves into the roles of monetarists and Keynesians in shaping monetary policy, evaluating the impact of interest rate policies on asset bubbles, and assessing the effectiveness of QE in stabilizing prices. It also explores the role of banks in managing liquidity, ensuring steady monetary growth, and maintaining capital adequacy. The analysis covers the challenges faced by the UK economy post-GFC, including the impact of global debt, new technologies, and the focus on domestic markets by banks. The report concludes with an evaluation of the Bank of England's success in achieving its inflation target and promoting economic growth. This report is a valuable resource for students seeking to understand the complexities of monetary policy and its impact on the UK economy.
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Examine effectiveness of the monetary policy pursued by the Bank of England since the GFC.
.....................................................................................................................................................1
The additional responsibility of growth and employment objectives disruption by monetarists
and Keynesian.............................................................................................................................3
Effectiveness of interest rate policies and creation of bubbles...................................................4
QE policy been effective and has destabilised prices.................................................................5
Banks role in managing the liquidity and steady monetary growth and their responsibilities for
capital adequacy..........................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Examine effectiveness of the monetary policy pursued by the Bank of England since the GFC.
.....................................................................................................................................................1
The additional responsibility of growth and employment objectives disruption by monetarists
and Keynesian.............................................................................................................................3
Effectiveness of interest rate policies and creation of bubbles...................................................4
QE policy been effective and has destabilised prices.................................................................5
Banks role in managing the liquidity and steady monetary growth and their responsibilities for
capital adequacy..........................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Monetary Policy is a term which defines the process adopted by the monetary regulatory
and authority council of the country. The policy related to monetary transactions are formulated
and regulated by the Central Bank or by the Currency Board of the country whose role is to
control money supply in country, cost associated with short term borrowings, inflation rate,
exchange rate or interest rate (Galí, J., 2015). It also emphasizes on the stability of prices in the
country for better development and consumption. This report has discussed factors related to the
Global Financial Crisis and effectiveness of monetary policy pursued by bank of England (Galí,
J., 2015).
MAIN BODY
Examine effectiveness of the monetary policy pursued by the Bank of England since the GFC.
Monetary Policy defines the process of how the central banks control the flow of money
supply, liquidity, inflation rate, interest rate and cost of short term borrowings within the country
economy (Galí, J., 2015). It also emphasizes on reducing the unemployment level & bringing in
price stability.
The global financial crisis begins in 2008, with the bankruptcy of Lehman Brothers after
declining of the Federal Reserve Bank to participate in creating a financial support for Lehman
Brothers. The Emergency Economic Stabilization Act of 2008 was passed by the U.S. President
George W. Bush on October 2, 2008 to bring stability in the economy caused by Sub-prime
Mortgage Crisis (Galí, J., 2015).
How effective was the MPC in dealing with the financial crisis?
The Monetary Policy Committee role is to decide the official interest rate as applicable
in the United Kingdom i.e. the Bank of England Base Rate. It is responsible for formulating
monetary policy of the United Kingdom, by setting the rate at it which it lends to banks
officially the Bank of England Base Rate or BOEBR for short period (Saito, Y., 2018).
The role of Monetary Policy Committee in dealing with the financial crises are as follows:
1. The Bank of England’s Open Market Operations has been reformed to reduce the
discretion level thereby providing access to financial markets with greater certainty.
1
Monetary Policy is a term which defines the process adopted by the monetary regulatory
and authority council of the country. The policy related to monetary transactions are formulated
and regulated by the Central Bank or by the Currency Board of the country whose role is to
control money supply in country, cost associated with short term borrowings, inflation rate,
exchange rate or interest rate (Galí, J., 2015). It also emphasizes on the stability of prices in the
country for better development and consumption. This report has discussed factors related to the
Global Financial Crisis and effectiveness of monetary policy pursued by bank of England (Galí,
J., 2015).
MAIN BODY
Examine effectiveness of the monetary policy pursued by the Bank of England since the GFC.
Monetary Policy defines the process of how the central banks control the flow of money
supply, liquidity, inflation rate, interest rate and cost of short term borrowings within the country
economy (Galí, J., 2015). It also emphasizes on reducing the unemployment level & bringing in
price stability.
The global financial crisis begins in 2008, with the bankruptcy of Lehman Brothers after
declining of the Federal Reserve Bank to participate in creating a financial support for Lehman
Brothers. The Emergency Economic Stabilization Act of 2008 was passed by the U.S. President
George W. Bush on October 2, 2008 to bring stability in the economy caused by Sub-prime
Mortgage Crisis (Galí, J., 2015).
How effective was the MPC in dealing with the financial crisis?
The Monetary Policy Committee role is to decide the official interest rate as applicable
in the United Kingdom i.e. the Bank of England Base Rate. It is responsible for formulating
monetary policy of the United Kingdom, by setting the rate at it which it lends to banks
officially the Bank of England Base Rate or BOEBR for short period (Saito, Y., 2018).
The role of Monetary Policy Committee in dealing with the financial crises are as follows:
1. The Bank of England’s Open Market Operations has been reformed to reduce the
discretion level thereby providing access to financial markets with greater certainty.
1

2. The intervention of Central bank has been restricted to the money supply management
only (Saito, Y., 2018).
3. Quantitative easing is the monetary policy tool used for solving the global financial
crisis. It is a process in which the central bank of the country agrees to purchase the
government bonds and other financial assets from private the financial institutions.
How effective has it been since the crisis?
After the global financial crisis, the monetary policy committee has used various monetary
policy tools for upcoming from the effects of sub-prime mortgage crisis (Saito, Y., 2018). Since
the crisis, the monetary policy has led to:
1. Lots of unproductive investment in second hand assets has been made by most of the people.
2. Little productive investment at low rates are perceived as emergency rates (Saito, Y., 2018).
3. A low Bank Rate has not been translated into business rates where risk is still leading to
adding of significant premium to borrowing.
4. Many people started to buy houses, gold, antiques and paintings where they think there is a
possibility of earning capital gain and earnings from rent on houses (Saito, Y., 2018).
Look at stability within the economy.
After the global financial crisis, the economy has faced following situations:
1. Banks are not getting profitable business projects for earning and for upcoming form the
impact of sub-prime mortgage crisis. The low interest rates, less demand for lending, low
return on equity are major factors which has result in limiting the growth for banks
(Koenig, A. and Martynau, A., 2017).
2. The increasing global debt, new technologies like cryptocurrency, using artificial
intelligence for determining the trading algorithms and personal investment decisions are
risky factors to financial markets.
2
only (Saito, Y., 2018).
3. Quantitative easing is the monetary policy tool used for solving the global financial
crisis. It is a process in which the central bank of the country agrees to purchase the
government bonds and other financial assets from private the financial institutions.
How effective has it been since the crisis?
After the global financial crisis, the monetary policy committee has used various monetary
policy tools for upcoming from the effects of sub-prime mortgage crisis (Saito, Y., 2018). Since
the crisis, the monetary policy has led to:
1. Lots of unproductive investment in second hand assets has been made by most of the people.
2. Little productive investment at low rates are perceived as emergency rates (Saito, Y., 2018).
3. A low Bank Rate has not been translated into business rates where risk is still leading to
adding of significant premium to borrowing.
4. Many people started to buy houses, gold, antiques and paintings where they think there is a
possibility of earning capital gain and earnings from rent on houses (Saito, Y., 2018).
Look at stability within the economy.
After the global financial crisis, the economy has faced following situations:
1. Banks are not getting profitable business projects for earning and for upcoming form the
impact of sub-prime mortgage crisis. The low interest rates, less demand for lending, low
return on equity are major factors which has result in limiting the growth for banks
(Koenig, A. and Martynau, A., 2017).
2. The increasing global debt, new technologies like cryptocurrency, using artificial
intelligence for determining the trading algorithms and personal investment decisions are
risky factors to financial markets.
2
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3. The banks after the global financial crisis are mainly focusing on domestic markets
transaction for lending purpose more, which has led to down in cross-border lending
after the financial crisis. The lesser the connected financial market is with the global
economy it will bring more stability and economic growth in the country's economy
because if a financial market crashes in one country, it is less likely to affect financial
economy of others country (Koenig, A. and Martynau, A., 2017).
4. Before the global financial crisis, the global banking system is stronger as it is exposed
to highly indebted borrowers, illiquid assets and foreign currency roll-over risks against
which policymakers has taken step to boost the financial system’s strength by adopting
the financial regulatory reform agenda & freaming and deploying macro level policy
tools.
Has the inflation target been achieved?
The monetary policy's primary objective is to achieve 2% inflation target. It has involved
control of the bank interest rate, but after financial crisis it has also included purchasing of asset
i.e. Quantitative Easing (Koenig, A. and Martynau, A., 2017). It was necessary to bring change
because if interest rates become zero it would be less effective as a policy tool.
Low interest rates have negative consequences unintentionally when used as basis for
conducting monetary policy. This concept has led to increase in savings rate during the
implementation of emergency monetary policy. It is assumed that any fixed income loss
occurred due to low policy rates will be offset by increase in the price of assets. The profits from
high asset prices will outweigh the reduction in savings accounts & can change the decision-
making process related to investment of the people (Koenig, A. and Martynau, A., 2017).
The additional responsibility of growth and employment objectives disruption by monetarists
and Keynesian
The importance of many and monetary policies have been impacting the operational
determination which would be adequate in relation with making the adequate ascertainment of
the operational practices (Cloyne and Hürtgen, 2016). The growth and stability in any nation
have been affected by the governmental policies and practices which would have impacts on the
money supply in the general economic activities. In analysing the impact of global financial
crisis in the UK where there have been impacts of various factors and elements which have
3
transaction for lending purpose more, which has led to down in cross-border lending
after the financial crisis. The lesser the connected financial market is with the global
economy it will bring more stability and economic growth in the country's economy
because if a financial market crashes in one country, it is less likely to affect financial
economy of others country (Koenig, A. and Martynau, A., 2017).
4. Before the global financial crisis, the global banking system is stronger as it is exposed
to highly indebted borrowers, illiquid assets and foreign currency roll-over risks against
which policymakers has taken step to boost the financial system’s strength by adopting
the financial regulatory reform agenda & freaming and deploying macro level policy
tools.
Has the inflation target been achieved?
The monetary policy's primary objective is to achieve 2% inflation target. It has involved
control of the bank interest rate, but after financial crisis it has also included purchasing of asset
i.e. Quantitative Easing (Koenig, A. and Martynau, A., 2017). It was necessary to bring change
because if interest rates become zero it would be less effective as a policy tool.
Low interest rates have negative consequences unintentionally when used as basis for
conducting monetary policy. This concept has led to increase in savings rate during the
implementation of emergency monetary policy. It is assumed that any fixed income loss
occurred due to low policy rates will be offset by increase in the price of assets. The profits from
high asset prices will outweigh the reduction in savings accounts & can change the decision-
making process related to investment of the people (Koenig, A. and Martynau, A., 2017).
The additional responsibility of growth and employment objectives disruption by monetarists
and Keynesian
The importance of many and monetary policies have been impacting the operational
determination which would be adequate in relation with making the adequate ascertainment of
the operational practices (Cloyne and Hürtgen, 2016). The growth and stability in any nation
have been affected by the governmental policies and practices which would have impacts on the
money supply in the general economic activities. In analysing the impact of global financial
crisis in the UK where there have been impacts of various factors and elements which have
3

affected stability for such businesses (Mumtaz and Theophilopoulou, 2017). Therefore, the
theories which have bene presented by Monetarism and Keynesian have impacts on the
governmental policies and procedure for operating the business activities.
Keynesian economics:
There has been debated based on the factors which have invited the economic crisis in
the nation (Rey, 2016). It has been initiated in 1929 which have invited the great depression that
originated an appropriate of new economic policies.
Monetarism economics:
In accordance with the concept of monetarism which is totally based on the monetary
system, money supply and GDP prices which is governing the operational activities that affects
the overall performance in the economy. However, the growth rate of money supply will be
indicative and adequate for the economic growth (What Is Monetarism?, 2014). It has been
believed that the higher the monetary circulation the higher income level in the society.
However, on the basis of such theories on which it can be said that monetary policies have
influences in managing the economic growth of a nation. The fluctuation in the money supply
would affect financial condition as well as per capita income (Forbes, Reinhardt and Wieladek,
2017). The impacts of GFC in UK market has disrupts economic stability as employment rate in
the nation. However, bank of England has been entitled for managing the monetary policies as it
will affect the government’s inflation target (Cloyne and Hürtgen, 2016). Therefore, they set a
base rate for commercial banks on which there would be effective stability in the interest rates as
well as money supply in environment.
Effectiveness of interest rate policies and creation of bubbles
Assets price bubble indicates a threat to financial macroeconomic stability. However, it
determines that the role of monetary policy contributes as a fuel the assets price bubbles
(Mumtaz and Theophilopoulou, 2017). Therefore, the main aim of Bank of England is based on
stabilising the economy as well as charging the base rate as the interest rates which would bee
effective in balancing the financial conditions in the nation.
However, as per the current scenario in UK economy on which Bank of England has been
involved in deciding the monetary policy at the central bank’s main interest rate at 0.75%.
4
theories which have bene presented by Monetarism and Keynesian have impacts on the
governmental policies and procedure for operating the business activities.
Keynesian economics:
There has been debated based on the factors which have invited the economic crisis in
the nation (Rey, 2016). It has been initiated in 1929 which have invited the great depression that
originated an appropriate of new economic policies.
Monetarism economics:
In accordance with the concept of monetarism which is totally based on the monetary
system, money supply and GDP prices which is governing the operational activities that affects
the overall performance in the economy. However, the growth rate of money supply will be
indicative and adequate for the economic growth (What Is Monetarism?, 2014). It has been
believed that the higher the monetary circulation the higher income level in the society.
However, on the basis of such theories on which it can be said that monetary policies have
influences in managing the economic growth of a nation. The fluctuation in the money supply
would affect financial condition as well as per capita income (Forbes, Reinhardt and Wieladek,
2017). The impacts of GFC in UK market has disrupts economic stability as employment rate in
the nation. However, bank of England has been entitled for managing the monetary policies as it
will affect the government’s inflation target (Cloyne and Hürtgen, 2016). Therefore, they set a
base rate for commercial banks on which there would be effective stability in the interest rates as
well as money supply in environment.
Effectiveness of interest rate policies and creation of bubbles
Assets price bubble indicates a threat to financial macroeconomic stability. However, it
determines that the role of monetary policy contributes as a fuel the assets price bubbles
(Mumtaz and Theophilopoulou, 2017). Therefore, the main aim of Bank of England is based on
stabilising the economy as well as charging the base rate as the interest rates which would bee
effective in balancing the financial conditions in the nation.
However, as per the current scenario in UK economy on which Bank of England has been
involved in deciding the monetary policy at the central bank’s main interest rate at 0.75%.
4

therefore, there will be several factors which will influence the interest rate management of
Bank of England such as UK’s exitance from European Union (Rey, 2016). Therefore, such
variation would be effective in relation with it creates the bubbles in the assets prices. Therefore,
in accordance with operational motives of Bank of England is for retaining the adequate amount
of profitability by its interest rates charges on the borrowings but managing such operational
rates would be effective in generating the large number of investors to the firm (Forbes,
Reinhardt and Wieladek, 2017). Thus, they analyse the growth and stability of the banks on
which an investment decision would be made by them.
Therefore, managing the interest rate would be adequate in managing the interest of
investors in making investment in assets (Cloyne and Hürtgen, 2016). It could be relevant with
the equity assets, real estate etc. thus, reduction in assets can be due to the charging interest rates
and unsterilized operational control of Bank of England in monetary policies.
QE policy been effective and has destabilised prices
The Quantitative easing policy involves a central bank buying up medium and long-term
public as well as private in massive amounts. There have been various securities that have been
obtained by the European Central bank from commercial banks for their clines therefore, which
results in growing the reserves held by central banks (Mumtaz and Theophilopoulou, 2017).
Another scenario is that their people used to make liquid deposits in the commercial banks
which have impacts on bringing influences over the money supply (Rey, 2016).
Therefore, investing the liquid assets would be effective for the banking terms in easing
the fund policies (Forbes, Reinhardt and Wieladek, 2017). Therefore, changes in the process of
liquid assets has been based on the fluctuations incurred in the interest rates. Thus, such changes
define and predict the variations in the upcoming prices of such assets.
It ensures that there will be stable rate even in the dynamic situation therefore, there will
be an investment security among the investors regarding their invested funds in the operations
(Cloyne and Hürtgen, 2016). On the other side, it can be said that the impact of QE techniques
would be beneficial to the banks as there will be large number of investors to the liquid assets
which will bring a sudden raise in the operational gains of the firm (What are the challenges of
the end of Quantitative Easing, 2017).
5
Bank of England such as UK’s exitance from European Union (Rey, 2016). Therefore, such
variation would be effective in relation with it creates the bubbles in the assets prices. Therefore,
in accordance with operational motives of Bank of England is for retaining the adequate amount
of profitability by its interest rates charges on the borrowings but managing such operational
rates would be effective in generating the large number of investors to the firm (Forbes,
Reinhardt and Wieladek, 2017). Thus, they analyse the growth and stability of the banks on
which an investment decision would be made by them.
Therefore, managing the interest rate would be adequate in managing the interest of
investors in making investment in assets (Cloyne and Hürtgen, 2016). It could be relevant with
the equity assets, real estate etc. thus, reduction in assets can be due to the charging interest rates
and unsterilized operational control of Bank of England in monetary policies.
QE policy been effective and has destabilised prices
The Quantitative easing policy involves a central bank buying up medium and long-term
public as well as private in massive amounts. There have been various securities that have been
obtained by the European Central bank from commercial banks for their clines therefore, which
results in growing the reserves held by central banks (Mumtaz and Theophilopoulou, 2017).
Another scenario is that their people used to make liquid deposits in the commercial banks
which have impacts on bringing influences over the money supply (Rey, 2016).
Therefore, investing the liquid assets would be effective for the banking terms in easing
the fund policies (Forbes, Reinhardt and Wieladek, 2017). Therefore, changes in the process of
liquid assets has been based on the fluctuations incurred in the interest rates. Thus, such changes
define and predict the variations in the upcoming prices of such assets.
It ensures that there will be stable rate even in the dynamic situation therefore, there will
be an investment security among the investors regarding their invested funds in the operations
(Cloyne and Hürtgen, 2016). On the other side, it can be said that the impact of QE techniques
would be beneficial to the banks as there will be large number of investors to the liquid assets
which will bring a sudden raise in the operational gains of the firm (What are the challenges of
the end of Quantitative Easing, 2017).
5
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Banks role in managing the liquidity and steady monetary growth and their responsibilities for
capital adequacy
The role of a banking industry is for managing the monetary policies, money supply as well
as interest rates in an economy (Mumtaz and Theophilopoulou, 2017). Therefore, they generate
funds and revenue through the investment made by individual, society and well as corporate
industries such as obtaining the long term as well as short loans (Rey, 2016). On the basis for
such investment they charge interest rates which bring them returns of such invested amount of
capital in a limited time frame. To balance such capital and liquidity, where bank play effective
role.
There has been involvement of risk under the banking policies which is basically under the
capital regulation which are being required by the banks for maintaining a standard level of
equity per borrowings and relevant assets (Forbes, Reinhardt and Wieladek, 2017). Therefore,
on the basis of which it is being required that there must be minimum designs for protection
which allows banks to sustain the unanticipated losses.
Additionally, it can be said that these are responsibilities of a bank for managing the
liquidity, capital adequacy as well as stability in the monetary policies (Cloyne and Hürtgen,
2016). Bringing such stabilisation will impacts positively over sustaining the adequate economy
growth and control. Maintaining the appropriate monetary policies would be effective as if
banks focuses on managing the capital adequacy in the operations.
CONCLUSION
From the above report it can be concluded that, the monetary policy of country plays a
vital role in maintaining stability in the price level as low as possible in the economy for
sustainable growth and development of the economy as a whole. The monetary policy considers
the important aspects of the country's economy to achieve stability or rise in gross domestic
product and income, maintaining lower rate of unemployment and higher growth rate,
supporting specific sector for growth. This report has also explained the effectiveness of
monetary policy in solving the global financial crisis of 2008. It has also explained that how the
monetary policy committee has laid down the interest rate policy and quantitative easing policy
effectively for upcoming from the sub-prime mortgage crisis effect.
6
capital adequacy
The role of a banking industry is for managing the monetary policies, money supply as well
as interest rates in an economy (Mumtaz and Theophilopoulou, 2017). Therefore, they generate
funds and revenue through the investment made by individual, society and well as corporate
industries such as obtaining the long term as well as short loans (Rey, 2016). On the basis for
such investment they charge interest rates which bring them returns of such invested amount of
capital in a limited time frame. To balance such capital and liquidity, where bank play effective
role.
There has been involvement of risk under the banking policies which is basically under the
capital regulation which are being required by the banks for maintaining a standard level of
equity per borrowings and relevant assets (Forbes, Reinhardt and Wieladek, 2017). Therefore,
on the basis of which it is being required that there must be minimum designs for protection
which allows banks to sustain the unanticipated losses.
Additionally, it can be said that these are responsibilities of a bank for managing the
liquidity, capital adequacy as well as stability in the monetary policies (Cloyne and Hürtgen,
2016). Bringing such stabilisation will impacts positively over sustaining the adequate economy
growth and control. Maintaining the appropriate monetary policies would be effective as if
banks focuses on managing the capital adequacy in the operations.
CONCLUSION
From the above report it can be concluded that, the monetary policy of country plays a
vital role in maintaining stability in the price level as low as possible in the economy for
sustainable growth and development of the economy as a whole. The monetary policy considers
the important aspects of the country's economy to achieve stability or rise in gross domestic
product and income, maintaining lower rate of unemployment and higher growth rate,
supporting specific sector for growth. This report has also explained the effectiveness of
monetary policy in solving the global financial crisis of 2008. It has also explained that how the
monetary policy committee has laid down the interest rate policy and quantitative easing policy
effectively for upcoming from the sub-prime mortgage crisis effect.
6

REFERENCES
Books and Journals
Clouse, J.A., 2018. Short Takes on Monetary Policy Strategy: An Introduction to Some Basic
Concepts.
Cloyne, J. and Hürtgen, P., 2016. The macroeconomic effects of monetary policy: a new
measure for the United Kingdom. American Economic Journal: Macroeconomics. 8(4).
pp.75-102.
Evans, J.R., 2018. An Analysis of Power Law Distributions & Tipping Points During the Global
Financial Crisis. Available at SSRN 3184683.
Forbes, K., Reinhardt, D. and Wieladek, T., 2017. The spillovers, interactions, and (un) intended
consequences of monetary and regulatory policies. Journal of Monetary Economics. 85.
pp.1-22.
Galí, J., 2015. Monetary policy, inflation, and the business cycle: an introduction to the new
Keynesian framework and its applications. Princeton University Press.
Gertler, M. and Karadi, P., 2015. Monetary policy surprises, credit costs, and economic activity.
American Economic Journal: Macroeconomics. 7(1). pp.44-76.
Koenig, A. and Martynau, A., 2017. The global financial crisis: a psychological dimension.
Journal of European Economy. 10(2). pp.155-174.
Mumtaz, H. and Theophilopoulou, A., 2017. The impact of monetary policy on inequality in the
UK. An empirical analysis. European Economic Review. 98. pp.410-423.
Rey, H., 2016. International channels of transmission of monetary policy and the Mundellian
trilemma. IMF Economic Review. 64(1). pp.6-35.
Saito, Y., 2018. Designing Monetary Policy Committee in a Currency Union with Exit Options.
Online
Amadeo, K., 2018. Monetary Policy. [Online]. Available through:
<https://www.thebalance.com/what-is-monetary-policy-objectives-types-and-tools-
3305867>.
7
Books and Journals
Clouse, J.A., 2018. Short Takes on Monetary Policy Strategy: An Introduction to Some Basic
Concepts.
Cloyne, J. and Hürtgen, P., 2016. The macroeconomic effects of monetary policy: a new
measure for the United Kingdom. American Economic Journal: Macroeconomics. 8(4).
pp.75-102.
Evans, J.R., 2018. An Analysis of Power Law Distributions & Tipping Points During the Global
Financial Crisis. Available at SSRN 3184683.
Forbes, K., Reinhardt, D. and Wieladek, T., 2017. The spillovers, interactions, and (un) intended
consequences of monetary and regulatory policies. Journal of Monetary Economics. 85.
pp.1-22.
Galí, J., 2015. Monetary policy, inflation, and the business cycle: an introduction to the new
Keynesian framework and its applications. Princeton University Press.
Gertler, M. and Karadi, P., 2015. Monetary policy surprises, credit costs, and economic activity.
American Economic Journal: Macroeconomics. 7(1). pp.44-76.
Koenig, A. and Martynau, A., 2017. The global financial crisis: a psychological dimension.
Journal of European Economy. 10(2). pp.155-174.
Mumtaz, H. and Theophilopoulou, A., 2017. The impact of monetary policy on inequality in the
UK. An empirical analysis. European Economic Review. 98. pp.410-423.
Rey, H., 2016. International channels of transmission of monetary policy and the Mundellian
trilemma. IMF Economic Review. 64(1). pp.6-35.
Saito, Y., 2018. Designing Monetary Policy Committee in a Currency Union with Exit Options.
Online
Amadeo, K., 2018. Monetary Policy. [Online]. Available through:
<https://www.thebalance.com/what-is-monetary-policy-objectives-types-and-tools-
3305867>.
7

Dr. Kazakevitch, G., And Dr. Dzhumashev, R., 2017. The Global Financial Crisis. [Online].
Available through: <http://economicstudents.com/2017/05/underlying-causes-global-
financial-crisis/>.
Jose, T., 2016. Monetary Policy Committee. [Online]. Available through:
<https://www.indianeconomy.net/splclassroom/what-is-monetary-policy-committee-mpc/>.
What are the challenges of the end of Quantitative Easing. 2017. [Online]. Available through :<
https://group.bnpparibas/en/news/challenges-quantitative-easing>.
What Is Monetarism?. 2014. [Online]. Available through :<
https://www.imf.org/external/pubs/ft/fandd/2014/03/basics.htm >.
8
Available through: <http://economicstudents.com/2017/05/underlying-causes-global-
financial-crisis/>.
Jose, T., 2016. Monetary Policy Committee. [Online]. Available through:
<https://www.indianeconomy.net/splclassroom/what-is-monetary-policy-committee-mpc/>.
What are the challenges of the end of Quantitative Easing. 2017. [Online]. Available through :<
https://group.bnpparibas/en/news/challenges-quantitative-easing>.
What Is Monetarism?. 2014. [Online]. Available through :<
https://www.imf.org/external/pubs/ft/fandd/2014/03/basics.htm >.
8
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