Monetary Policy: Fundamentals

Monetary policy refers to a central bank’s ability to alter the money supply in order to maintain stable and sustainable growth. In this pathway, Frances Coppola and Tim Hall outline the fundamental aspects of monetary policy.

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10 videos • 2 hours 3 minutes

  • Introduction to Central Banks and the Creation of Money

    Ever since the financial crisis, central banks have dominated the news. In this video, Frances will explain why we have central banks, what they do and why, despite everything, they still have a role.

    Frances Coppola11:21

  • The Great Moderation and the New Normal

    In this second part of Frances's video on central banks, she covers some of the history that shaped the role they hold today, including the Great Moderation and the financial crisis.

    Frances Coppola12:40

  • Economic Policy Tools, Bretton Woods and the Gold Standard

    In the first video of this series, Tim dives into the history of money and describes the transition process from bartering into paper money. Similarly, he describes the development of central banks and their roles today.

    Tim Hall12:26

  • Central Bank Monetary Policy Tools

    In the second video on this series, Tim outlines the various conventional monetary policy tools available to central banks. Particularly focusing on open market operations (OMOs) and setting the overnight deposit rate.

    Tim Hall13:08

  • Deflation and an the emergence of Quantitative Easing

    In the last video on this series, Tim highlights the impact of QE as a unconventional monetary policy tool and stresses the importance of a coordinated policy response when dealing with difficult economic conditions.

    Tim Hall14:00

  • QE and Other Unconventional Monetary Policy Tools

    In this series, Tim will cover the recent history of unconventional monetary policy, specifically quantitative easing in four of the world’s major economies: The United States, the United Kingdom, the Eurozone and Japan. In this video, Tim provides an introduction to Quantitative Easing.

    Tim Hall07:46

  • Quantitative Easing in Japan

    Japan became one of the world's largest, strongest and fastest growing economies in the decades after World War II, but this took a turn in the second half of the 1980s. Tim discusses this period as a valuable case study of what central banks should not do to battle severe economic distress.

    Tim Hall16:42

  • Quantitative Easing in the UK

    In this video, Tim outlines the United Kingdom government’s response in the initial phase of the Great Recession and explains how the UK led the way in terms of addressing issues with its “too big to fail” banks.

    Tim Hall05:12

  • Quantitative Easing in the USA

    In this video, Tim describes the response of the United States to the Great Recession of 2007-2009. He explains the response of the Federal Reserve and the impact of their monetary stimulus.

    Tim Hall10:02

  • Quantitative Easing in the Eurozone

    In the last video of the series, Tim discusses the various policy actions of the European Central Bank since the Great Recession, and how these monetary policy initiatives have been used alongside various other projects supported by Eurozone member states, the European Union more broadly and the IMF.

    Tim Hall19:54

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