Monetary Policy and Financial Repression in Britain, 1951 - 59

British monetary policy was reactivated in 1951 when short-term interest rates were increased for the first time in two decades. The book explores the politics of formulating monetary policy in the 1950s and the techniques of implementing it, and discusses the parallels between the present monetary situation and that of 1951.

Auteur
William A. Allen worked for the Bank of England (1972-2004) in a range of positions related to the formulation and implementation of monetary policy and government debt management. He is a visiting fellow of Cass Business School, UK, and is the author of International liquidity and the financial crisis (2013) and numerous published articles.

Contenu

1. Introduction 2. 1945-51: Labour's Macro-economic Policies 3. 195152: the Reactivation of Monetary Policy 4. 1952-54: Years of Growth 5. Moves Towards Convertibility and their Implications for Monetary Policy 6. Short-term Interest Rates in Late 1952 Mid-1954 7. Government Debt Management 1952-54 8. The Debacle of 1955 9. 1956: Macmillan as Chancellor 10. 1957: the Year of Thorneycroft 11. 1958: the Sunny Uplands 12. 1959: Here We Go Again 13. Monetary Policy Techniques 14. Financial Repression 15. Management and Communication of Monetary Policy 16. An Assessment of Monetary Policy 17. Epilogue: the Next Reactivation of Monetary Policy