A Critique of Monetary Policy: Theory and British Experience - Hardcover

Dow, J. C. R.; Saville, I. D.

Hardcover

ISBN 10: 019828599X ISBN 13: 9780198285991

Publisher: Oxford University Press, 1988

Synopsis

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.

About this title

About the Author:

J. C. R. Dow is at National Institute for Economic and Social Research; formerly Economics Director, Bank of England. I. D. Saville is at Bank of England.

Review:

`The work that made the deepest impression on me because of the great practical importance of its conclusions and novelty of its argument went to the heart of the controversy over monetarism ... The book has started off a major controversy that will no doubt continue ... its influence is sure
to grow.' Alec Cairncross

`A formidable critique of monetary policy.' Times

`A book that monetarists of all varieties will neglect at their peril... The work will become a standard textbook.' Samuel Brittan, Financial Times

`the recent demise ... of money-growth targetting as the centrepiece of monetary policy has created something of an intellectual vacuum [which the book] is an attempt to fill ... a skilful blending of theoretical and historical analysis geared to the generation of policy-relevant conclusions
... thoughful, closely argued and readable; it will serve as a useful antidote to the stultifying parochialism of so much American macroeconomics.'
Laidler

'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

About this edition

• Publisher: Oxford University Press
• Publication date: 1988
• ISBN 10: 019828599X
• ISBN 13: 9780198285991
• Binding: Hardcover
• Number of pages: 272