Bibliographie
Arestis Philip & Mihailov Alexander, “Flexible rules cum constrained discretion: a new consensus in monetary policy”, Working paper, No 053 (Henley Business School - University of Reading, October 2007).
Bank of England, “Report: The Monetary Policy Committee of the Bank of England: ten years on”, Quarterly Bulletin, Vol. 47, No. 1 (2007 Q1).
Bank of England, The Bank of England Act 1998, the Charters of the Bank and related documents (July 2015).
Berg Claes, “The Global Financial Crisis and the Great Recession: Causes, Effects, Measures and Consequences for Economic Analysis and Policy”, Paper presented at a Workshop on Monetary Policy, Macroprudential Policy and Fiscal policy at the Centre for Central Banking Studies of Bank of England 17 May-19 May 2011 (Bank of England, 23 May 2011).
Bernanke Ben & Mishkin Frederic, “Inflation targeting: A new framework for monetary policy”, Working Paper, No 5893 (National Bureau of Economic Research, January 1997).
Carney Mark, “Guidance”, Remarks at the CFA Society Toronto (Toronto, 11 December 2012).
Carney Mark, “Monetary Policy After the Fall”, Eric J. Hanson Memorial Lecture at the University of Alberta (Bank of Canada, 1 May 2013).
Crespo Cuaresma Jesús & Gnan Ernest, “Four Monetary Policy Strategies in Comparison: How to Deal with Financial Instability”, Monetary Policy and the Economy (Oesterreichische Nationalbank, Q3 2008), pp. 65-102.
Dodge David, “Our approach to monetary policy – inflation targeting”, Remarks to the Regina Chamber of Commerce, (Regina, 12 December 2005).
Filardo George & Hofmann Boris, “Forward guidance at the zero lower bound”, BIS Quarterly Review (Bank for International Settlements, March 2014), pp. 37-53.
Goodhart Charles et al., “Monetary targetry: Might Carney make a difference?”, VOX (CEPR’s Policy Portal, 22 January 2013).
HM Treasury, Review of HM Treasury’s management response to the financial crisis, PU1286 (House of Commons, March 2012).
HM Treasury, Budget 2013, HC 1033 (House of Commons, 20 March 2013).
HM Treasury, Review of the monetary policy framework, CM 8588 (House of Commons, March 2013).
King Mervyn, “Changes in UK monetary policy: Rules and discretion in practice”, Journal of Monetary Economics, Vol. 39 (1997), pp. 81-97.
King Mervyn, “The Inflation Target five years on”, Lecture at the London School of Economics (Bank of England, 29 October 1997).
King Mervyn, “Finance: A Return from Risk”, Speech to the Worshipful Company of the International Bankers at Mansion House (Bank of England, 17 March 2009).
King Mervyn, “Twenty years of inflation targeting”, The Stamp Memorial Lecture, London School of Economics (Bank of England, 9 October 2012).
King Mervyn, “Speech at the CBI Northern Ireland Mid-Winter Dinner, Belfast” (Bank of England, 22 January 2013).
Kydland Finn & Prescott Edward, “Rules Rather than Discretion: The Inconsistency of Optimal Plans.” Journal of Political Economy, Vol. 85 (1977), pp. 473-91.
Lamont Norman, Letter to John Watts (8 October 1992).
Mishkin Frederic, “Monetary policy strategy: Lessons from the crisis”, Working Paper, No 16755 (National Bureau of Economic Research, February 2011).
Monetary Policy Committee, “Minutes of Monetary Policy Committee Meeting” (Bank of England).
Osborne George, “Budget 2013: Chancellor’s Statement” (House of Commons, 20 March 2013).
Joyce Michael et al., “The United Kingdom’s quantitative easing policy: design, operation and impact”, Quarterly Bulletin (Bank of England, 2001 Q3), pp. 200-212.
Taylor John B, “Discretion versus policy rules in practice”, Carnegie-Rochester Conference Series on Public Policy, Vol. 39 (1993), pp. 195-214.
Woodford Michael, “Monetary Policy Targets After the Crisis”, Paper presented at the Rethinking Macro Policy II: First Steps and Early Lessons Conference Hosted by the International Monetary Fund (Washington, April 16-17 2013).
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Notes
HM Treasury, Review of HM Treasury’s management response to the financial crisis, PU1286 (House of Commons, March 2012), p. 19.
The law did not only concern monetary policy, but also the supervision and regulation of the financial services industry.
“Bank of England Act 1998”, in Bank of England, The Bank of England Act 1998, the Charters of the Bank and related documents (July 2015), Chapter 11, Part II: Monetary policy, pp. 50-55.
HM Treasury, Budget 98: New Ambitions for Britain, The Financial Statement and Budget Report (House of Commons, March 1998), pp. 17-18.
Lamont Norman, Letter to John Watts (8 October 1992), ˂http://webarchive.nationalarchives.gov.uk/20130304161249/http://www.hm-treasury.gov.uk/d/foi_dis_7_john_watts_081092.pdf> [25 September 2015].
HM Treasury, The strength to take the long-term decisions for Britain: Seizing the opportunities of the global recovery, Pre-Budget Report, CM 6042 (House of Commons, December 2003), pp. 15-17.
Four-quarter inflation rates, BANK OF ENGLAND, “Report: The Monetary Policy Committee of the Bank of England: ten years on”, Quarterly Bulletin, Vol. 47, No. 1 (2007 Q1), p. 26.
CPI rates in TRIAMI MEDIA BV, “Table: average inflation Great Britain (CPI) - by year”, inflation.eu, Utrecht, ˂http://www.inflation.eu/inflation-rates/great-britain/historic-inflation/cpi-inflation-great-britain.aspx˃[25 September 2015].
“Nice” stands for “non-inflationary consistently expansionary”, an expression used by the Governor of the Bank of England, Mervyn King. See Mervyn King, Speech, 14 October 2003, East Midlands Development Agency/Bank of England Dinner, Leicester.
Bank of England, “Report: The Monetary Policy Committee of the Bank of England: ten years on”, op. cit., pp. 24-38.
See the electronic site of the Bank of England, ˂http://www.bankofengland.co.uk/monetarypolicy/Pages/default.aspx˃[25 September 2015].
HM Tresaury, Review of HM Treasury’s management response to the financial crisis, PU1286 (House of Commons, March 2012), Annex B: Policy Interventions, p. 57.
For a comprehensive view of Bank Rate cuts, see Figure 2, Appendix, infra.
See Monetary Policy Committee, “Minutes of Monetary Policy Committee Meeting”, Bank of England (19 December 2007); (20 February 2008); (23 April 2008).
For a comprehensive view of inflation fluctuation, see Figure 3, Appendix, infra.
See Champroux Nathalie, “British and American monetary policies convergence: structural coincidence or transatlantic mutual influence?”, in Groutel Anne, Cossu-Beaumont Laurence, Pauwels Marie-Christine & Peyronel Valérie (eds.), Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century, Beyond Sentimental Rhetoric (Palgrave MacMillan, 2016).
The MPC was not fully right this time. The actual inflation rate increasingly overshot the target, from 2010 until April 2012. The Committee blamed temporary factors like the increase in the standard rate of Value-Added Tax, the fall in sterling and the steep increases in import and energy prices.
Darling Alistair, “CPI Inflation”, Reply from the Chancellor to the Governor (17 June 2008); (15 September 2008); (16 December 2008); (24 March 2009).
Monetary Policy Committee, “Minutes of Monetary Policy Committee Meeting 4 and 5 February 2009” (Bank of England, 18 February 2009).
Darling Alistair, “Asset Purchase Facility”, Letter from the Chancellor to the Governor (3 March 2009).
Darling Alistair, “Extending Asset Purchase Facility”, Letter from the Chancellor to the Governor (6 August 2009); (5 November 2009).
See Joyce Michael et al., “The United Kingdom’s quantitative easing policy: design, operation and impact”, Quarterly Bulletin (Bank of England, 2001 Q3), pp. 200-212.
For a comprehensive view of GDP growth, see Figure 1, Appendix, infra.
See Osborne George, “CPI inflation”, Reply from the Chancellor to the Governor (18 May 2010) and HM Tresaury, Budget 2010, HC 61 (House of Commons, 22 June 2010), p. 14.
Compare Darling Alistair, “Remit for the Monetary Policy Committee – March 2010” (24 March 2010) to Osborne George, “Remit for the Monetary Policy Committee – March 2011” (23 March 2011).
Trends from Office for National Statistics, Statistical Bulletin: Gross Domestic Product Preliminary Estimate, Quarter 2 (April to June) 2015, (TSO, 28 July 2015), p. 5.
Osborne George, “Budget 2013: Chancellor’s Statement” (House of Commons, 20 March 2013).
See, for example, Osborne George, “CPI inflation”, Reply from the Chancellor to the Governor (18 May 2010); (14 February 2012).
For the various arguments put forward, see Monetary Policy Committee, “Minutes of Monetary Policy Committee Meeting 5 and 6 June 2013” (Bank of England, 19 June 2013).
For details about the various forms of FWG implemented by these central banks, see Filardo George & Hofmann Boris, “Forward guidance at the zero lower bound”, BIS Quarterly Review (Bank for International Settlements, March 2014), pp. 37-53.
Monetary Policy Committee, “Minutes of Monetary Policy Committee Meeting 31 July and 1 August 2013” (Bank of England, 14 August 2013).
Bank of England, Inflation Report (February 2014), p. 7.
Monetary Policy Committee, “Minutes of Monetary Policy Committee Meeting 7 and 8 May 2014” (Bank of England, 21 May 2014), pp. 10-11.
As far as households are concerned, the average interest rates on unsecured loans (£10,000) decreased, from nearly 7% down to slightly more than 4%, between 2013 and the beginning of 2016. The rates on two-year fixed-rate mortgages (75% loan to value) also decreased, from about 3% down to less than 2%, over the same period (See BANK OF ENGLAND, Inflation Report (November 2015), chart 2.4, p. 14). For 2013-2014, households’ consumption growth remained resilient, by 0.6%. So did private sector business investment growth, by 1.1% (Ibid., Table 2.B p. 12), while interest rates on lending to SMEs tended to decrease from 2013 onward (See BANK OF ENGLAND, Credit Condition Review (Q3 2015), chart 3.3, p. 14).
The other three pillars were “Deficit reduction”, “Reform of the financial system” and “Structural reforms”. See HM Tresaury, Budget 2013, HC 1033 (House of Commons, 20 March 2013), p. 16.
Osborne George, “Remit for the Monetary Policy Committee – March 2013” (20 March 2013).
Osborne George, “Budget 2013: Chancellor’s statement”, op. cit.
There were two other minor changes. A new timing for the open letter process was set. And the list of the four pillars of the Government’s economic strategy was copied into the section describing the Government’s objectives.
See HM Tresaury, Review of the monetary policy framework, CM 8588 (House of Commons, March 2013).
Carney Mark, “Guidance”, Remarks at the CFA Society Toronto (Toronto, 11 December 2012).
See, for example, Christensen Lars, “Market Monetarism – The Second Monetarist Counter-revolution”, (13 September 2011), ˂https://thefaintofheart.files.wordpress.com/2011/09/market-monetarism-13092011.pdf˃[25 September 2015].
Note that Brittan defended a target of nominal GDP growth. See explanations in Goodhart Charles et al., “Monetary targetry: Might Carney make a difference?”, VOX (CEPR’s Policy Portal, 22 January 2013), ˂http://www.voxeu.org/article/monetary-targetry-might-carney-make-difference˃[25 September 2015].
See King Mervyn, “Speech at the CBI Northern Ireland Mid-Winter Dinner, Belfast” (Bank of England, 22 January 2013).
For an overview of the debate in neoclassical and then New Keynesian literature, see Arestis Philip & Mihailov Alexander, “Flexible rules cum constrained discretion: a new consensus in monetary policy”, Working paper, No 053 (Henley Business School - University of Reading, October 2007).
Kydland Finn & Prescott Edward, “Rules Rather than Discretion: The Inconsistency of Optimal Plans.” Journal of Political Economy, Vol. 85 (1977), pp. 473-91.
Bernanke Ben & Mishkin Frederic, “Inflation targeting: A new framework for monetary policy”, Working Paper, No 5893 (National Bureau of Economic Research, January 1997).
King Mervyn, “The Inflation Target five years on”, Lecture at the London School of Economics (Bank of England, 29 October 1997). Also read about the various econometric models of the trade-off between rules and discretion in King Mervyn, “Changes in UK monetary policy: Rules and discretion in practice”, Journal of Monetary Economics, Vol. 39 (1997), pp. 81-97.
Taylor John B, “Discretion versus policy rules in practice”, Carnegie-Rochester Conference Series on Public Policy, Vol. 39 (1993), pp. 195-214.
On this debate, and the question of which kind of bubble can be prevented according to the nature of assets, see Mishkin Frederic, “Monetary policy strategy: Lessons from the crisis”, Working Paper, No 16755 (National Bureau of Economic Research, February 2011).
See Crespo Cuaresma Jesús & Gnan Ernest, “Four Monetary Policy Strategies in Comparison: How to Deal with Financial Instability”, Monetary Policy and the Economy (Oesterreichische Nationalbank, Q3 2008), pp. 65-102.
See King Mervyn, “Finance: A Return from Risk”, Speech to the Worshipful Company of the International Bankers at Mansion House (Bank of England, 17 March 2009); “Twenty years of inflation targeting”, The Stamp Memorial Lecture, London School of Economics (Bank of England, 9 October 2012).
See Carney Mark, “Monetary Policy After the Fall”, Eric J. Hanson Memorial Lecture at the University of Alberta (Bank of Canada, 1 May 2013).
On the financial stability aspect, see in the present book the article by Esposito Marie-Claude.
Carney Mark, “Monetary Policy After the Fall”, op. cit.
See Berg Claes, “The Global Financial Crisis and the Great Recession: Causes, Effects, Measures and Consequences for Economic Analysis and Policy”, Paper presented at a Workshop on Monetary Policy, Macroprudential Policy and Fiscal policy at the Centre for Central Banking Studies of Bank of England 17 May-19 May 2011 (Bank of England, 23 May 2011).
For other kinds of proposals, see The Economist, “Monetary policy after the crash”, 21 September 2013, ˂http://www.economist.com/news/schools-brief/21586527-third-our-series-articles-financial-crisis-looks-unconventional˃[25 September 2015].
See Mishkin Frederic, “Monetary policy strategy: Lessons from the crisis”, op. cit.; and Woodford Michael, “Monetary Policy Targets After the Crisis”, Paper presented at the Rethinking Macro Policy II: First Steps and Early Lessons Conference Hosted by the International Monetary Fund (Washington, April 16-17 2013).
See Champroux Nathalie & Sowels Nicholas, “The Monetary and Fiscal Policies of Early Thatcherism and the Legacy of the Medium Term Financial Strategy”, in Espiet-Kilty Raphaelle (ed.), L’héritage du thatchérisme, Review Observatoire de la société britannique, La Garde, No 17 (November 2015), pp. 135-159.
See Thomson Ainsley, “Cameron Backs ‘Activist’ Monetary Policy”, The Wall Street Journal (11 October 2010).
In fact, as regards inflation only, more monetary easing should have been implemented, in 2013 and 2014 at least. See Bank of England, Inflation Report (February 2016), chart 4.1, p. 26.
On the debate of whether IT is the outcome of monetary theories and practices, or “the end of monetary policy history”, see Carney Mark, “Monetary Policy After the Fall”, op. cit., as well as the initial view of Dodge David, “Our approach to monetary policy – inflation targeting”, Remarks to the Regina Chamber of Commerce, (Regina, 12 December 2005).
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