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The Exchange Rate as a Monetary Indicator: the experience of the 1980s

In: UK Monetary Policy

Author

Listed:
  • Paul Temperton

Abstract

The authorities have consistently stated throughout the period of the Medium Term Financial Strategy (MTFS) that they have no target level for the exchange rate. It has, however, always been one of the key factors taken into account in me assessment of monetary conditions and took on increasing importance during the 1980s. As early as 1980/81, the high and rising level of the exchange rate was taken into account when the authorities judged that monetary conditions were tight during mat period, despite a substantial overshoot of the target range for broad money. Mainly due to the strength of the exchange rate, minimum lending rate was cut to 16% in July 1980, to 14% in November, and to 12% in March 1981: throughout the period £M3 grew above its target range.

Suggested Citation

  • Paul Temperton, 1991. "The Exchange Rate as a Monetary Indicator: the experience of the 1980s," Palgrave Macmillan Books, in: UK Monetary Policy, chapter 8, pages 115-125, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11836-6_8
    DOI: 10.1007/978-1-349-11836-6_8
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