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The Bank of England after the Great Depression

In: A Comparative History of Central Bank Behavior

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Monetary policies throughout the World since World War II have been the outcomes of competing preferences for full employment and stable prices (and therefore exchange rates), with the former possessing greater political weight. The U.K. pressured the Bank of England to preserve the value of sterling by restricting credit to the private sector until belief in a trade-off between employment and price stability gave way to bitter experience, and low-inflation targets became the monetary policy of the day, until, as in the U.S., government budget deficits called for increased monetization.

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  • ., 2022. "The Bank of England after the Great Depression," Chapters, in: A Comparative History of Central Bank Behavior, chapter 5, pages 103-133, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21729_5
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