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Examine the Bank of England’s approach to Monetary Policy since 1997.
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Examine the Bank of England's approach to Monetary Policy since 1997. * Interest Rate decisions are conducted by the Monetary Policy Committee - body independent from the government [part of the Bank of England] designed solely to make decisions about the interest rate. It is comprised of four independent experts, usually professional economics, four members from the BoE staff and the Governor of the BoE. Meet once a month and consider a wide range of statistical indicators which help them decide the nature of inflation for the coming month. The primary goal of the MPC is to "deliver price stability whilst supporting the growth and employment goals of the government's economic policy" (source: Bank of England). A secondary role of the MPC, as suggested by its behaviour, is to frequently publish information regarding inflation. This is based on the Monetarist school of thought, especially the Adaptive Expectations hypothesis pioneered by Milton...
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