Download Reflections on Money by David T. Llewellyn (eds.) PDF

By David T. Llewellyn (eds.)

This quantity includes a sequence of occasionally arguable reflections on funds and the behavior of financial coverage by means of 8 wonderful monetary analysts and practitioners.

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This has involved the development of what, in effect, is an 'in-house' banking operation. In summarising how the system has evolved over the period Clements concludes: Instead of basic economic transactions being expressed in money, money [now] often determines economic trends and developments .... Whereas in the 1960s and 1970s financial conditions were dependent on economic developments, now they have largely become dependent variables which can often determine the current level, and the likely future growth rate, of real international activity in both trade and investment.

References Leigh-Pemberton, R. (1986) 'Financial Change and Broad Money', Bank of England Quarterly Bulletin (December). Llewellyn, D. T. ', The Banker (January). Llewellyn, D. T. (1985) 'The Difficult Concept of Money', Economic Review (January). Llewellyn, D. T. (1989) 'Bank of England Operations and the Determination of Interest Rates', inS. ) Recent Issues in Monetary Economics (Brighton: Wheatsheaf). Minford, A. P. L. (1979) 'A Return to Sound Money', The Banker (July). Treasury, HM (1980) Monetary Control, Cmnd 7858 (London: HMSO).

4 plots the log of the velocity of MO and its regression line against time. It has grown at a fraction over 1 per cent per quarter since 1970. At present, this is the only aggregate for which there is an explicit growth target. Although many monetarists believe that base targeting is the appropriate way to implement a non-inflationary monetary regime, it does not appear to be the centrepiece of UK monetary policy at present. Certainly there is a target range for MO (currently at 1 to 5 per cent) but it seems clear that monetary policy is actually conducted by influencing interest rates and that the target range for MO would be abandoned like the rest if it proved inconvenient.

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