TY - JOUR
T1 - UK monetary policy change during the financial crisis
T2 - Paradigms, spillovers, and goal co-ordination
AU - Kay, Adrian
PY - 2011/8
Y1 - 2011/8
N2 - 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.
AB - 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.
KW - Frameworks of policy change
KW - UK monetary policy
KW - global financial crisis
KW - policy paradigms
KW - thermostatic policy change
UR - http://www.scopus.com/inward/record.url?scp=79960274074&partnerID=8YFLogxK
U2 - 10.1017/S0143814X11000055
DO - 10.1017/S0143814X11000055
M3 - Article
SN - 0143-814X
VL - 31
SP - 143
EP - 161
JO - Journal of Public Policy
JF - Journal of Public Policy
IS - 2
ER -