By Dow, J. C. R.; Saville, I. D.
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Additional resources for A Critique of Monetary Policy
While mathematical treatment is legitimate where 'risks' can be quantitatively evaluated, it is certainly more difficult in the case of the more elusive types of 'uncertainty' which seem in fact to prevail (Knight 1921). An illustration of the limitations of mathematical treatment is the failure of econometric work on the exchange rate to model the risk premium, noted later in Chapter 5 (Section 4). To the extent that this study is novel, there is the question of how firmly based it can claim to be.
A detailed history of monetary policy in this country since the mid-1960s would have required a different sort of book, and we have tried to give only a brief outline of the high points. Fuller accounts are to be found, for the early period, in Blackaby et al. (1978); and for later years for instance in Artis and Lewis (1981), in Gowland (1982), in the collection of material from the Bank of England Quarterly Bulletin (in 8 Introduction Bank of England 1984), and (though this is part only of their aim) in Goodhart (1984) and Spencer (1986).
For simplicity, that is first set out in terms of the reactions of the private sector (abstracting from government transactions) and of a closed economy (abstracting from transactions with other countries): • Chapter 2 discusses the behaviour of the banking system as a channel for the flow of funds between ultimate lenders and ultimate borrowers. • Chapters 3 and 4 discuss the behaviour of interest rates. The following two chapters extend the analysis to include the effects of government transactions and transactions with overseas.
A Critique of Monetary Policy by Dow, J. C. R.; Saville, I. D.