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Money, Debt and Prices in the UK 1705-1996

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Author Info

  • Norbert Janssen

    (Bank of England)

  • Charles Nolan

    ()

  • Ryland Thomas

    (Bank of England)

Abstract

This paper constructs a consistent series for the market value of UK Government debt over almost 300 years. We analyse how monetary and fiscal policy affect the path of the price level in the UK. Specifically, the paper examines the interactions between debts, deficits, the monetary base and the price level. Overall, the price level has been closely related to the evolution of the base money supply. Across different sample periods, there is little econometric evidence that fiscal policy has affected the course of the price level (or of the exchange rate under the Gold Standard). Government debt has not significantly affected the base money stock either.

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File URL: http://www.st-andrews.ac.uk/economics/CDMA/papers/wp0407.pdf
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Bibliographic Info

Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 0407.

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Date of creation: Dec 2004
Date of revision:
Handle: RePEc:san:cdmawp:0407

Contact details of provider:
Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
Phone: 01334 462420
Fax: 01334 462444
Email:
Web page: http://www.st-andrews.ac.uk/cdma
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Related research

Keywords: Fiscal policy; debt; monetary policy; price level determination.;

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Cited by:
  1. Willem Buiter, 2000. "The Fallacy of the Fiscal Theory of the Price Level, Again," CESifo Working Paper Series 303, CESifo Group Munich.
  2. Shah, Ajay, 2008. "New issues in Indian macro policy," Working Papers 08/51, National Institute of Public Finance and Policy.
  3. Peter Claeys & Raúl Ramos & Jordi Suriñach, 2008. "Testing the FTPL across government tiers," IREA Working Papers 200812, University of Barcelona, Research Institute of Applied Economics, revised Oct 2008.
  4. Thams, Andreas, 2007. "The Relevance of the fiscal Theory of the Price Level revisited," MPRA Paper 1645, University Library of Munich, Germany.

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