Monetary policy under the Labour government: the first 13 years of the MPC
评估了1997年至2010年英国工党政府期间货币政策委员会的表现，发现危机前表现较好，但2008年后较弱，新框架可能加剧了金融危机，但政策应对大胆创新。
This paper examines the performance of monetary policy under the new framework established in 1997 up to the end of the Labour government in May 2010. Performance was relatively good in the years before the crisis, but much weaker from 2008. The new framework largely neglected open economy issues, while the Treasury’s EMU assessment in 2003 can be interpreted in different ways. The new framework may have contributed to some extent to the eruption and depth of the financial crisis from 2008, but monetary policy eventually responded in a bold and innovative way. Overall, the design and operation of monetary policy were much better than in earlier periods. But there is room for significant further evolution. Copyright 2013, Oxford University Press.