A Critique of Monetary Policy: Theory and British Experience
J. C. R. Dow and
I. D. Saville
Additional contact information
J. C. R. Dow: National Institute for Economic and Social Research; formerly Economics Director, Bank of England
I. D. Saville: Bank of England
in OUP Catalogue from Oxford University Press
This book is both a theory of monetary policy, and an examination of how it has worked in the UK. It first analyses the behaviour of the banking system, and then the difficulties of central bank control. The authors argue that money creation is an endogenous process, determined partly by the price level, and not the other way round.
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