Abstract
In the 1960s monetary policy had only a limited contact with the monetary policy discussed in textbooks. It was largely a collection of administrative devices intended to improve the balance of payments and moderate excess demand. It was neither aimed at controlling the stock of money nor was it much relied upon to combat inflation. From 1961 onwards, incomes policy was regarded as a more appropriate weapon for that purpose and fiscal policy had for many years been the favoured instrument of demand management. Raising interest rates had the disadvantage of being particularly discouraging to investment, which was regarded as of major importance to economic growth.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes to Chapter 14: Monetary and Financial Policy in the 1960s
For a fuller account of requests and ceilings in the 1960s, see C. D. Cohen, British Economic Policy, 1960–69 (London: Butterworths, 1971) pp. 130–3.
Copyright information
© 1996 Sir Alec Cairncross
About this chapter
Cite this chapter
Cairncross, A. (1996). Monetary and Financial Policy in the 1960s. In: Managing the British Economy in the 1960s. St Antony’s Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-13944-6_14
Download citation
DOI: https://doi.org/10.1007/978-1-349-13944-6_14
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-13946-0
Online ISBN: 978-1-349-13944-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)