A Critique of Monetary Policy: Theory and British Experience (Clarendon Paperbacks)

## Abstract This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also examines the relationship of the central banks to the public and private sectors. Both authors have extensive experience working in the Bank of England, and so are attempting to transfer this experience to the area of economic theory. The theoretical analysis is complemented by an examination of the successes and failures of monetary policy in the UK from the mid‐1960s. As such, the book acts as an important work for students of economics and economic theory, but is also accessible to those involved in policy‐making, journalism, and other interested parties. 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.

Challenging accepted wisdoms of monetary theory, this study of the theory of monetary policy in the UK 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.

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.
In this book, the authors expound a theory of monetary policy, and examine how it has worked in the UK. They analyse the behaviour of the banking system and the difficulties of central bank control. In a clearly written account they explain the changes taking place in monetary policy. This book aims to be both a theory of monetary policy and an examination of how it has worked or not worked in the United Kingdom