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The Operation of Money Supply Targets

In: Monetary Control in Britain

Author

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  • Tim Congdon

Abstract

The arithmetic of monetary policy deals with accountancy relationships. These are valuable because they identify constraints on the authorities, but they say nothing about the causal processes behind monetary expansion or about the methods used to regulate it. The work of the present chapter is to examine these topics and describe the British system of monetary control. As will become clear, to refer to a “system” is perhaps to dignify the rather motley set of arrangements which have evolved. However, they have deep historical roots and perhaps more functional coherence than they are sometimes credited with.

Suggested Citation

  • Tim Congdon, 1982. "The Operation of Money Supply Targets," Palgrave Macmillan Books, in: Monetary Control in Britain, chapter 4, pages 59-103, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04728-4_4
    DOI: 10.1007/978-1-349-04728-4_4
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