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首页> 外文期刊>Journal of Public Policy >UK Monetary Policy Change During the Financial Crisis: Paradigms, Spillovers,and Goal Co-ordination
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UK Monetary Policy Change During the Financial Crisis: Paradigms, Spillovers,and Goal Co-ordination

机译：金融危机期间英国的货币政策变化：范式，溢出效应和目标协调

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摘要

Policy responses to the tumult of the global financial crisis of 2007-9 prompt a consideration of the critical dimensions in specifying policy change. UK monetary policy between 2007 and 2009 is characterised by a remarkable degree of innovation yet counts as a 'normal' period of policy making under the Hall (1993) framework of policy change, the enduring workhorse of the comparative public policy field. This exposes its lack of conceptual refinement in describing significant but within paradigm policy change. This paper traces this failing to the notion of a policy paradigm, both its scale and the ideational mechanisms which bind policy change. The paper develops the UK monetary policy case to consider the potential of the recently-minted concept of a thermostatic policy institution for the development of Hall's framework; but finds analytical limitations in coping with significant policy spillovers. Suggestions are made to meet this important challenge for future research in policy studies on the specification of policy change.
机译：针对2007年9月全球金融危机动荡的政策反应促使人们在确定政策变化时考虑了关键方面。 2007年至2009年间，英国的货币政策以创新程度显着为特征，但在Hall（1993）政策变化框架下仍是决策的“正常”时期，这是比较公共政策领域的持久动力。这暴露了它在描述重大但范式上的政策变化时缺乏概念上的完善。本文将这种失败归因于政策范式的概念，包括范式的规模以及约束政策变化的观念机制。本文提出了英国的货币政策案例，以考虑到最近研究的恒温政策机构概念对于发展霍尔框架的潜力。但发现在应对重大政策外溢方面存在分析局限性。提出了应对这一重要挑战的建议，以应对未来有关政策变更规范的政策研究。

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