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Essay / Research Paper Abstract
This 7 page paper presents a critical analysis of the rise in interest rates brought on by the Bank of England. An overall macroeconomic analysis is provided along with explanations of monetarism versus Keynesian economic theory. Projections for the future health of the English economy are included. Bibliography lists 9 sources.
Page Count:
7 pages (~225 words per page)
File: RT13_SA002Eng.rtf
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Unformatted sample text from the term paper:
not alone. Economic conditions also forced the U.S. to do the same in 1999 and more than once. In England, a volatile housing market and other signs of a fast-recovering
economy led the Bank to raise the interest rate(PG). The increase in September moved the rate from 5 to 5.25% (PG). In making the decision, The Bank
of Englands Monetary Policy Committee reported that it had considered both housing and labor markets and it was thought that a rise in interest rates was a necessity to keep
inflation in check (Stanley PG). The committee anticipated that it expects inflation to remain below 2.5 percent, their target rate, at least in the short term (PG). Some believe
that The Bank of Englands monetary policy committees decision to hike interest rates was wholly appropriate under the economic circumstances. Others disagree. The British Chamber of Commerce for
example said that the rate hike threatened to hurt Britains economic recovery by making it more expensive for companies to obtain funding (Stanley PG). The increase could also create a
situation where the British pound would increase in value and make the countrys exports more expensive than goods denominated in other currencies (PG). Of course, that is always the case
when rates rise. Regarding monetary policy in general, most central bankers are hostile to the idea of trying to puncture bubbles ("Hubble" PG). They argue that monetary policy should focus
on stability in the prices of goods and services, and central banks should respond to asset prices if, and only if, they affect general inflation (PG). Central bankers say
that it is impossible to be sure that a rise in asset prices represents a speculative bubble as opposed to an upturn as a result of improved economic fundamentals (PG).
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