A Critique of Monetary Policy: Theory and British Experience: Theory and British Experience [NOOK Book]

Overview

This book is both a theory of monetary policy, and an examination of how it has worked in the UK. It first analyses the behaviour of the banking system, and then the difficulties of central bank control. The authors argue that money creation is an endogenous process, determined partly by the price level, and not the other way round.

Written from the direct experience of working in a central bank, and challenging some of the accepted wisdoms of...
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A Critique of Monetary Policy: Theory and British Experience: Theory and British Experience

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More About This Book

Overview

This book is both a theory of monetary policy, and an examination of how it has worked in the UK. It first analyses the behaviour of the banking system, and then the difficulties of central bank control. The authors argue that money creation is an endogenous process, determined partly by the price level, and not the other way round.

Written from the direct experience of working in a central bank, and challenging some of the accepted wisdoms of monetary theory, this clearly written account will appeal to a wide readership. It provides the basic explanation of why monetary targets are now being abandoned, and makes proposals for the post-target era. - ;List of tables; list of figures; Introduction; Part I. The behaviour of the financial system; The macroeconomic behaviour of the banking system; The behaviour of interest rates: the theoretical background; The behaviour of interest rates continued; The behaviour of exchange rates; Government transactions, money, and interest rates; Part II. Monetary cotrol and the course of the aggregates: UK monetary policy since 1971; Central-bank rate as an instrument of monetary control;
Monetary base control; The corset, overfunding, and banking supervision; Monetary growth since the mid-1960s; Part III. Conclusions: The limiations and role of monetary policy; Monetary policy without monetary targets; Bibliography; Index -
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Product Details

  • ISBN-13: 9780191521478
  • Publisher: Oxford University Press
  • Publication date: 5/5/1988
  • Series: Clarendon Paperbacks Series
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 3 MB

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