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The Arithmetic of Money Supply Targets

In: Monetary Control in Britain

Author

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  • Tim Congdon

Abstract

Regular inspection of money supply statistics has become such a central feature of financial markets in the last few years that it is easy to forget that they are a comparatively recent innovation. Ten years ago few people in the City knew what Ml and M3 were or even fewer understood why they mattered. Figures for the money stock were, in fact, published by the Bank of England, but only at quarterly intervals and received little attention. The Times, which carried the first ever newspaper story about the recent behaviour of the money supply on 24 September 1968, was a pioneer and an exception; most of the financial press took no notice. This neglect can nevertheless be excused, as it is difficult to arouse readers’ curiosity for a statistic which comes out every three months. It was only in July 1971 that a monthly series began.

Suggested Citation

  • Tim Congdon, 1982. "The Arithmetic of Money Supply Targets," Palgrave Macmillan Books, in: Monetary Control in Britain, chapter 3, pages 27-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04728-4_3
    DOI: 10.1007/978-1-349-04728-4_3
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