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The British attempt to manage long-term interest rates in 1962–1964

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  • Allen, William A.

Abstract

The British monetary authorities tried to encourage lower long-term interest rates through their government debt management operations between 1962 and 1964, following the Radcliffe report's recommendation that they should have an objective for long-term rates, and with the intention of supporting the government's pursuit of faster economic growth. The implementation of the policy was complicated by the Bank of England's role as a market maker in the government securities market, and beset by misunderstandings among the monetary authorities. The policy was abandoned when the conditions of strong market demand for bonds on which it depended changed. The article describes how the policy was developed and implemented, and the impact of political preferences on it.

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  • Allen, William A., 2016. "The British attempt to manage long-term interest rates in 1962–1964," Financial History Review, Cambridge University Press, vol. 23(1), pages 47-70, April.
    • Handle: RePEc:cup:fihrev:v:23:y:2016:i:01:p:47-70_00
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    Cited by:

    1. Teupe, Sebastian, 2020. "Keynes, Inflation, and the Public Debt: "How to Pay for the War" as a Policy Prescription for Financial Repression?," Working Papers 16, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.

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