Problems of Monetary Management: The UK Experience
In 1971 the monetary authorities1 in the UK adopted a new approach to monetary management, a change of policy announced and described in several papers on competition and credit control. The subsequent experience of trying to operate this revised system has, however, been troublesome and at times unhappy. The purpose here is to examine certain aspects of recent monetary developments in order to illustrate a number of more general analytical themes which may have relevance among several countries.
Unable to display preview. Download preview PDF.
- 1.and D. Laidler and J. M. Parkin, ‘The demand for money in the United Kingdom, 1955–1967: preliminary estimates’, Manchester School, vol. 38, September 1970.Google Scholar
- See, for example, D. Fisher, ‘The demand for money in Britain: quarterly results 1951 to 1967’, Manchester School, vol. 36, December 1968;Google Scholar
- 2.C. Goodhart and A. D. Crockett, ‘The importance of money’, Bank of England Quarterly Bulletin, vol. 10, June 1970;Google Scholar
- and L. D. Price, The demand for money in the United Kingdom: a further investigation’, Bank of England Quarterly Bulletin, vol. 12, March 1972.Google Scholar
- 1.Sir Leslie O’Brien, ‘Key issues in monetary and credit policy’, Bank of England Quarterly Bulletin, vol. 1, June 1971.Google Scholar
- 1.C. Sprenkle, ‘Effects of large firms and bank behavior on the demand for money of large firms’, mimeo, American Bankers’ Association, 1971, especially appendix C;Google Scholar
- also, with M. H. Miller, ‘The precautionary demand for narrow and broad money’, Economica, vol. 47, November 1980.Google Scholar
- 1.J. Tobin, ‘Commercial banks as creators of “money”’, in Banking and Monetary Studies, ed. D. Carson, Irwin, 1963.Google Scholar
- 1.M. J. Artis and M. Lewis, ‘The demand for money: stable or unstable?’, The Banker, vol. 124, March 1974: and ‘The demand for money in the United Kingdom: 1963–1973’, Manchester School, vol. 44, June 1976.Google Scholar