A Critique of Monetary Policy: Theory and British Experience

by J. C. R. Dow, I. D. Saville

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.

Product Details

ISBN-13:	9780191521478
Publisher:	Oxford University Press
Publication date:	05/05/1988
Series:	Clarendon Paperbacks
Sold by:	Barnes & Noble
Format:	eBook
File size:	2 MB

Table of Contents

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 Control 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 Limitations and Role of Monetary Policy; Monetary Policy Without Monetary Targets; Bibliography; Index