This is one of a set of Powerpoints (and accompanying Notes/Key Terms sheets) that I have created for my own teaching of the macroeconomic topics in the new (linear) AQA AS Economics specification (7135). They follow the order of teaching recommended by the exam board and (generally) the AQA-approved textbook (Powell & Powell, 2015).
Key terms covered in this Powerpoint: (references to the specification):
3.2.4.1 Monetary policy
• Monetary policy involves the central bank taking action to influence the manipulation of interest rates, the supply of money and credit, and the exchange rate.
• The current objectives of monetary policy, set by the government.
• The role of the Monetary Policy Committee of the Bank of England (MPC) and how it uses changes in bank rate to try to achieve the objectives for monetary policy, including the government’s target rate of inflation.
• The factors considered by the MPC when setting bank rate.
• How changes in the exchange rate affect aggregate demand and the various macroeconomic policy objectives.
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