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The credit counterparts of broad money

Author

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  • Gerald Steele

Abstract

Tautological structures bring clarity to arguments in macroeconomics: familiar structures relate to the circulation of money, the circular flow of real income, and the balance of international payments. Less familiar is a structure incorporating all aspects of macroeconomic policy interventions. The origins and use of the credit counterparts of broad money are examined in the context of the application of UK monetary policy in the period since 1945.

Suggested Citation

  • Gerald Steele, 2014. "The credit counterparts of broad money," Working Papers 64401562, Lancaster University Management School, Economics Department.
    • Handle: RePEc:lan:wpaper:64401562
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    References listed on IDEAS

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    2. Goodhart, Charles A. E. & Needham, Duncan J., 2018. "Historical reasons for the focus on broad monetary aggregates in post-World War II Britain and the ‘Seven Years War’ with the IMF," LSE Research Online Documents on Economics 87364, London School of Economics and Political Science, LSE Library.

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