With hindsight, it is surprising how these points were neglected by mainstream economics for so long. Many other aspects can be usefully added to that list. First, that stabilisation policies are crucial and that not only growth counts as significant fluctuations leave behind permanent losses.
The bank's conduct of monetary policy Based on the above assessment of economic activity and prices, I will explain the Bank's thinking on the conduct of monetary policy. The Bank has been implementing the quantitative easing policy to achieve sustainable economic growth under price stability. The framework consists of two key elements.