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The Making of Monetary Policy in the UK, 1975-2000 : 1975-2000.

Author: David Cobham; David P Cobham
Publisher: Hoboken : John Wiley & Sons, Incorporated, 2003. ©2002
Series: Financial Economics and Quantitative Analysis Ser.
Edition/Format:   eBook : Document : English : 1st edView all editions and formats
Summary:
Over the quarter of a century with which this book is concerned, the UK has had an extraordinarily diverse experience of monetary policy and monetary regimes. Monetary policy has been transformed, from attempts to control broad money from the supply side with the use of indirect controls on banks' lending, to an almost exclusive focus on interest rates in a context of inflation targeting. The exchange rate has at
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Genre/Form: Electronic books
History
Additional Physical Format: Print version:
Cobham, David.
Making of Monetary Policy in the UK, 1975-2000 : 1975-2000.
Hoboken : John Wiley & Sons, Incorporated, ©2003
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David Cobham; David P Cobham
ISBN: 9780470855164 0470855169
OCLC Number: 1047702726
Description: 1 online resource (232 pages).
Contents: The Making of Monetary Policy in the UK, 1975-2000 --
Contents --
List of Figures --
List of Tables --
Series Preface --
Preface --
Acknowledgements --
List of Abbreviations --
1 Analytical Introduction: Alternative Monetary Frameworks --
1.1 The Rationale for Intermediate Targets in Monetary Policy --
1.2 Types of Monetary Policy Target --
1.3 Monetary Policy Rules --
1.4 Conclusion --
2 Historical Introduction --
2.1 A Macroeconomic Narrative, 1975-2000 --
2.2 Monetary Frameworks and Phases --
2.3 Analysing the Determination of the Money Supply in the UK --
2.4 Instruments of Monetary Control --
3 Monetary Targeting, 1977-1986 --
3.1 Monetary Aggregates and the Type of Targets Used --
3.2 Target Ranges and Economic Forecasts --
3.3 Target Ranges and Credit Counterpart Forecasts --
3.4 Financial Innovation and Monetary Targeting --
3.5 Targets and Outturns for Monetary Growth --
3.6 Monetary Growth, Target-Setting and Financial Innovation --
3.7 Conclusion: The Abandonment of Monetary Targets --
Appendix 3.1 Monetary Targets and Outturns --
4 The Interregnum and the Lawson Boom, 1985-1990 --
4.1 Explanations of the Lawson Boom --
4.2 Macro Policy Decisions in the Second Half of the 1980s --
4.3 Financial Liberalisation versus Excessive Depreciation --
4.4 A Monetary Policy Reaction Function with Results for 1985-1990 --
4.5 Conclusions --
5 The ERM Interlude, 1990-1992 --
5.1 Into the ERM --
5.2 Out of the ERM --
5.3 Alternative Explanations of the 1992-1993 EMS Crises --
5.4 The UK Case in the Light of Other Explanations --
5.5 A Counterfactual Analysis --
5.6 Conclusions --
6 The 1993-1997 'New Framework' for Monetary Policy --
6.1 The New Monetary Policy Framework --
6.2 Evaluation of the New Framework --
6.3 The Credibility of Policy under the New Framework --
6.4 The post-ERM Reaction Function --
6.5 Conclusions. 7 Monetary Policy under the MPC, 1997-2000 --
7.1 Inflation Targeting with Instrument Independence --
7.2 Central Bank Independence --
7.3 The Workings of the MPC Regime --
7.4 The MPC's Reaction Function --
7.5 Conclusions --
8 Interest Rate Decisions and the Exchange Rate --
8.1 The Official Concerns Underlying Interest Rate Changes --
8.2 A Preliminary Look at Misalignments --
8.3 A Preliminary Look at Large Exchange Rate Changes --
8.4 Interim Conclusions --
Appendix to 8.1 Interest Rate Changes --
9 Monetary Policy and the Exchange Rate --
9.1 Monetary Policy and the Exchange Rate, by Phases --
9.2 The Major Misalignments --
9.3 Large Exchange Rate Changes --
9.4 Sterling Crises --
9.5 Conclusions --
10 Interest Rate Smoothing --
10.1 International Evidence --
10.2 Large Changes and Reversals in the UK --
10.3 Explanations of Smoothing --
10.4 Evidence on Smoothing for the UK --
10.5 Evaluating the Explanations of Interest Rate Smoothing --
10.6 Conclusions --
11 Conclusion: Competence, Commitment and Monetary Policy Performance --
11.1 Demand and Supply Shocks, Inflation Expectations and Control --
11.2 Competence and Commitment --
11.3 Interest Rate Smoothing and the Performance of Monetary Policy --
11.4 The External Dimension --
11.5 Conclusions --
References --
Index.
Series Title: Financial Economics and Quantitative Analysis Ser.

Abstract:

Offers a comprehensive look at the UK monetary policies between 1974 and 1997, and discusses the events, idiosyncrasies, and decisions that have encompassed policy making and policy breaking within  Read more...

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