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Why has monetary policy not worked as expected? Some interactions between financial regulation, credit and money

In: Money in the Great Recession

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  • Charles Goodhart

Abstract

The tightening of bank regulation from October 2008 included a massive increase in capital/asset ratios in the leading nations. This may have been needed to restore banks’ credit-worthiness, notably in inter-bank dealings. However, the consequent ‘deleveraging’ was one reason that a surge in the monetary base did not lead – as the textbooks envisaged – to a corresponding surge in the quantity of money, broadly defined. Monetary policy did not work as expected.

Suggested Citation

  • Charles Goodhart, 2017. "Why has monetary policy not worked as expected? Some interactions between financial regulation, credit and money," Chapters, in: Tim Congdon (ed.), Money in the Great Recession, chapter 6, pages 155-163, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16533_6
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    Cited by:

    1. Tim Congdon, 2018. "Sir Charles Bean On The Uk'S Decade Of Super†Low Interest Rates: Comment," Economic Affairs, Wiley Blackwell, vol. 38(2), pages 257-264, June.

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    Keywords

    Economics and Finance;

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