Introduction

William Allen

Chapter 1 in Monetary Policy and Financial Repression in Britain, 1951–59, 2014, pp 1-2 from Palgrave Macmillan

Abstract: Abstract A ‘reactivation of monetary policy’ in the United Kingdom (U.K.) took place in 1951. It consisted of the reintroduction of variations in short-term interest rates as a macro-economic policy instrument. It followed nearly two decades in which short-term interest rates had been kept very low, and Bank rate — the Bank of England’s discount rate — had been kept at 2%.1 ‘Cheap money’ had been used initially to combat the Great Depression and then to finance the Second World War at low cost to the government. Finally, it was the monetary policy chosen by the post-war Labour administration. The change of policy began in November 1951, eight months after a similar change in the United States of America (U.S.A.).2

Keywords: Monetary Policy; Great Depression; Secret Information; Bank Rate; Term Interest Rate (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-1-137-38382-2_1

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137383822

DOI: 10.1057/9781137383822_1

Access Statistics for this chapter

More chapters in Palgrave Studies in Economic History from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().