Abstract
Money supply control is not pursued for its own sake, but as a means to the attainment of other, more important ends, such as price stability and full employment. (1) The present chapter tries to explain the relationship between money supply movements and these ultimate goals of economic policy, and so to provide a rationale for money supply targets.
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Notes to Chapter 2
D. Smith “The demand for alternative monies in the UK 1924–77” National Westminster Bank Quarterly Review November 1978, pp. 35–49.
M. Friedman and A. Schwartz A Monetary History of the United States 1867–1960 Princeton University Press 1963, p. 676.
N.J. Kavanagh and A.A. Walters “The demand for money in the UK, 1877–1961: some preliminary findings” Oxford Bulletin of Economics and Statistics 1966, pp. 93–116, reprinted in A.A. Walters (ed.) Money and Banking Penguin: Harmondsworth 1973, pp. 170–200. See also A.A. Walters Money in Boom and Slump Institute of Economic Affairs: London 1971.
M.J. Artis and M.K. Lewis “The demand for money: stable or unstable?” The Banker March 1974, pp. 239–47.
J. Haache “The demand for money in the UK: experience since 1971” Bank of England Quarterly Bulletin September 1974.
M.J. Artis and M.K. Lewis “The demand for money in the UK 1963–73” Manchester School 1976, pp. 147–81.
H.C. Simons “Rules versus authorities in monetary policy” Journal of Political Economy 1936, pp. 1–30, reprinted in F.A. Lutz and L.W. Mints (eds.) Readings in Monetary Theory Allen & Unwin: London 1952, pp. 337–68. The quotations are from p. 351 and p. 352.
R.T. Coghlan “A transactions demand for money”, pp. 48–60, in Bank of England Quarterly Bulletin March 1978.
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© 1982 Tim Congdon
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Congdon, T. (1982). The Rationale of Money Supply Targets. In: Monetary Control in Britain. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-04728-4_2
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DOI: https://doi.org/10.1007/978-1-349-04728-4_2
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