I discussed Federal Reserve independence in detail in Fischer (2015a). -2 Under the new law, the Bank of England’s Monetary Policy Committee (MPC), rather than the Treasury, set the policy interest rate.
In dollar terms the value of NFL has not fallen substantially – it stood at $ billion in March 2009, and at $ billion in March 2017. But relative to GDP, over the same period, NFL fell by 25 percentage points, from nearly 85 percent to just below 60 percent. How does this improvement compare to other countries?