A Critique of Monetary Policy: Theory and British Experience

ISBN-13: 9780198283195 / Angielski / Miękka / 1990 / 288 str.

J. C. R. Dow; Iain D. Saville; Iain D. Saville

Opis

Challenging accepted wisdom of monetary theory, this study of the theory of monetary policy in England analyzes the behavior of the banking system and the difficulties of central bank control, and argues that money creation is an endogenous process, determined partly by the price level.

Recenzje

'a careful empiricism which pays attention to the significance of local institutional idiosyncrasies and a skillful blending of theoretical and historical analysis geared to the generation of policy-relevant conclusions ... These qualities are very much on display in this book.' David Laidler, University of Western Ontario, Journal of Economic Literature

Spis treści

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