paragraph_text: Government involvement in the British economy is primarily exercised by Her Majesty's Treasury, headed by the Chancellor of the Exchequer, and the Department for Business, Energy and Industrial Strategy. Since 1979 management of the economy has followed a broadly laissez - faire approach. The Bank of England is the UK's central bank and its Monetary Policy Committee is responsible for setting interest rates, quantitative easing, and forward guidance.

paragraph_text: The American Revolutionary War (1775 -- 1783), also known as the American War of Independence, was a global war that began as a conflict between Great Britain and her Thirteen Colonies, which declared independence as the United States of America.

paragraph_text: Andrzej Sławiński (born July 31, 1951 in Warsaw) is a Polish economist and Professor of Economics at the Warsaw School of Economics. He is a member of the Council of Monetary Policies since 2004 and a fellow of Collegium Invisibile.

paragraph_text: The Articles formed a war - time confederation of states, with an extremely limited central government. While unratified, the document was used by the Congress to conduct business, direct the American Revolutionary War, conduct diplomacy with foreign nations, and deal with territorial issues and Native American relations. The adoption of the Articles made few perceptible changes in the federal government, because it did little more than legalize what the Continental Congress had been doing. That body was renamed the Congress of the Confederation; but Americans continued to call it the Continental Congress, since its organization remained the same.

paragraph_text: The US Federal Reserve belatedly implemented policies similar to the current quantitative easing during the Great Depression of the 1930s. Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008. Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis ``unprecedented ''.

paragraph_text: In sharp contrast, Congress and the American states had no end of difficulty financing the war. In 1775, there was at most 12 million dollars in gold in the colonies, not nearly enough to cover current transactions, let alone finance a major war. The British made the situation much worse by imposing a tight blockade on every American port, which cut off almost all imports and exports. One partial solution was to rely on volunteer support from militiamen and donations from patriotic citizens. Another was to delay actual payments, pay soldiers and suppliers in depreciated currency, and promise that it would be made good after the war. Indeed, the soldiers and officers were given land grants in 1783 to cover the wages that they had earned but had not been paid during the war. Not until 1781 did the national government have a strong leader in financial matters, when Robert Morris was named Superintendent of Finance of the United States.

paragraph_text: The Washington Institute for Near East Policy (WINEP) is a non-profit organization for research and advice on Middle Eastern policy. It regards its target countries as the Middle East but adopts the convention of calling them the Near East to be in conformance with the practices of the State Department. Its views are independent. The WINEP bundles the countries of Northwest Africa together under "North Africa." Details can be found in Policy Focus #65.

paragraph_text: Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. For example, in the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short - term interest rates.

paragraph_text: The American Revolutionary War (1775 -- 1783), also known as the American War of Independence, was a global war that began as a conflict between Great Britain and its Thirteen Colonies which declared independence as the United States of America.

paragraph_text: The Igarapé Institute was formed in 2011 as an independent and non-partisan think and do tank in Brazil. The Institute is devoted to raising attention to the challenges of violence and insecurity across Brazil and Latin America. It works with other Brazilian organizations such as Conectas and Sou da Paz as well as international organizations such as the United Nations and the Inter-American Development Bank to encourage changes in government policy.

paragraph_text: The monetary base consists of coins and Federal Reserve Notes in circulation outside the Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. The adjusted monetary base has increased from approximately 400 billion dollars in 1994, to 800 billion in 2005, and over 3000 billion in 2013. The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year, the 12-person Federal Open Market Committee meet to determine U.S. monetary policy. Every business day, the Federal Reserve System engages in Open market operations to carry out that monetary policy. If the Federal Reserve desires to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.

paragraph_text: William McKinley (January 29, 1843 -- September 14, 1901) was the 25th President of the United States, serving from March 4, 1897 until his assassination in September 1901, six months into his second term. McKinley led the nation to victory in the Spanish -- American War, raised protective tariffs to promote American industry, and maintained the nation on the gold standard in a rejection of free silver (effectively, expansionary monetary policy).

paragraph_text: Institute for America's Future was a progressive American think tank. The Institute, a 501(c)(3) non-profit organization, has a sister organization called Campaign for America's Future which is a 501(c)(4) non-profit organization.

paragraph_text: The America First Association of Minnesota (AFA) was a patriotic propaganda organization established in the state of Minnesota in November 1917 with a view to assisting the efforts of the United States of America in World War I. The organization was based in the city of St. Paul and was constituted on a county-by-county basis throughout the state. The AFA was one of the leading non-partisan political organizations in that state during wartime.

paragraph_text: The Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange.

paragraph_text: Beginning in March 2009, the Bank of England had purchased around £165 billion in assets as of September 2009 and around £175 billion in assets by the end of October 2009. At its meeting in November 2009, the Monetary Policy Committee (MPC) voted to increase total asset purchases to £200 billion. Most of the assets purchased have been UK government securities (gilts); the Bank has also purchased smaller quantities of high - quality private - sector assets. In December 2010, MPC member Adam Posen called for a £50 billion expansion of the Bank's quantitative easing programme, while his colleague Andrew Sentance has called for an increase in interest rates due to inflation being above the target rate of 2%. In October 2011, the Bank of England announced that it would undertake another round of QE, creating an additional £75 billion. In February 2012 it announced an additional £50 billion. In July 2012 it announced another £50 billion, bringing the total amount to £375 billion. The Bank has said that it will not buy more than 70% of any issue of government debt. This means that at least 30% of any issue of government debt will have to be purchased and held by institutions other than the Bank of England. In 2012 the Bank estimated that quantitative easing had benefited households differentially according to the assets they hold; richer households have more assets.

paragraph_text: The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems.

paragraph_text: The Treaty of Paris, signed in Paris by representatives of King George III of Great Britain and representatives of the United States of America on September 3, 1783, ended the American Revolutionary War. The treaty set the boundaries between the British Empire in North America and the United States, on lines ``exceedingly generous ''to the latter. Details included fishing rights and restoration of property and prisoners of war.

paragraph_text: The Qatar Central Bank was originally the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed. The Qatar Monetary Agency assumed the duties of a central bank. In 1973, Amiri Decree No. 24 authorized the issuance of the Qatari Riyal (QR).

paragraph_text: Susan George (born June 29, 1934) is an American and French political and social scientist, activist and writer on global social justice, Third World poverty, underdevelopment and debt. She is a fellow and president of the board of the Transnational Institute in Amsterdam. She is a fierce critic of the present policies of the International Monetary Fund (IMF), World Bank (IBRD) and what she calls their 'maldevelopment model'. She similarly criticizes the structural reform policies of the Washington Consensus on Third World development. She is of U.S. birth but now resides in France, and has dual citizenship since 1994.

Question: There is an organization that sets the monetary policy of the country which received its current name after the American revolutionary war. When did that organization start quantitative easing?
Answer: during the Great Depression of the 1930s