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UK Monetary Policy Change During the Financial Crisis: Paradigms, Spillovers, and Goal Co-ordination

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  • Kay, Adrian

Abstract

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.

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  • Kay, Adrian, 2011. "UK Monetary Policy Change During the Financial Crisis: Paradigms, Spillovers, and Goal Co-ordination," Journal of Public Policy, Cambridge University Press, vol. 31(2), pages 143-161, August.
    • Handle: RePEc:cup:jnlpup:v:31:y:2011:i:02:p:143-161_00
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    Cited by:

    1. Carsten Daugbjerg & Adrian Kay, 2020. "Policy feedback and pathways: when change leads to endurance and continuity to change," Policy Sciences, Springer;Society of Policy Sciences, vol. 53(2), pages 253-268, June.
    2. Eliana Lauretta & Sajid M. Chaudhry & Daniel Santamaria, 2023. "Unveiling the black swan of the finance‐growth Nexus: Assumptions and preliminary evidence of virtuous and unvirtuous cycles," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3749-3773, October.
    3. Radu Șimandan & Cristian Valeriu Păun & Bogdan Glăvan, 2023. "Post-Pandemic Greenness? How Central Banks Use Narratives to Become Green," Sustainability, MDPI, vol. 15(2), pages 1-28, January.

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