IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Britain's money supply experiment, 1971-73

Listed author(s):
  • Duncan Needham


    (Trinity Hall, University of Cambridge)

Registered author(s):

    This article challenges the claim that monetary policy neglect was responsible for the unprecedented UK inflation of the 1970s. It departs from the historiography by showing the Bank of England following money supply objectives from 1971, two years earlier than is currently acknowledged and five years before Denis Healey first published a money supply target. After missing its monetary objectives in 1972-73, the Bank concluded that tight control of the money supply was impracticable in the UK. Conservative policymakers drew the opposite conclusion, that only tighter control of the money supply would cure Britain of its economic ills. This failure to heed the lessons of 1970s monetary policy would have profound consequences for the British economy in the early 1980s and beyond.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: None.
    Download Restriction: None.

    Paper provided by Department of Economic and Social History at the University of Cambridge in its series Working Papers with number 10.

    in new window

    Length: 9,514
    Date of creation: 01 Sep 2012
    Handle: RePEc:cmh:wpaper:04
    Contact details of provider: Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:cmh:wpaper:04. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Amy Price)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.