Monetary Analysis at Central Banks
Whatever happened to the money supply? This book explains how the analysis of monetary and credit aggregates is undertaken at the Bank of England, the European Central Bank and (as an example of a developing country) the Bank of Tanzania. The book also ex
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David Cobham
Monetary Analysis at Central Banks
David Cobham Editor
Monetary Analysis at Central Banks
Editor David Cobham School of Management & Languages Heriot-Watt University Edinburgh, UK
ISBN 978-1-137-59334-4 ISBN 978-1-137-59335-1 DOI 10.1057/978-1-137-59335-1
(eBook)
Library of Congress Control Number: 2016936879 © The Editor(s) (if applicable) and The Author(s) 2016 The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act 1988. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Macmillan Publishers Ltd. London
CONTENTS
1
Monetary Analysis and Central Banks: Introduction David Cobham
2
The Analysis of Money and Credit During the Financial Crisis: The Approach At the Bank of England Jon Bridges, James Cloyne, Ryland Thomas, and Alex Tuckett
3
4
Central Banks as Balance Sheets of Last Resort: The ECB’s Monetary Policy in a Flow-of-Funds Perspective Philippine Cour-Thimann and Bernhard Winkler Evolving Monetary Policy Frameworks in Low-Income Countries: The Tanzanian Experience Christopher Adam, Pantaleo Kessy, and Ben Langford
Index
1
21
53
93
131
v
CONTRIBUTORS
Christopher Adam University of Oxford and International Growth Centre Jon Bridges Bank of England, London, UK James Cloyne Bank of England, London, UK David Cobham Heriot-Watt University, Edinburgh, UK Philippine Cour-Thimann European Central Bank and Institut des Sciences Politiques de Paris, Paris, France Pantaleo Kessy Bank of Tanzania and International Growth Centre Ben Langford HM Treasury, London, UK and International Growth Centre Ryland Thomas Bank of England, London, UK Alex Tuckett Bank of England, London, UK Bernhard Winkler European Central Bank, Frankurt, Germany
vii
LIST
Fig. 1.1 Fig. 2.1 Fig. 2.2 Fig. 2.3 Fig. 2.4 Fig. 2.5 Fig. 2.6 Fig
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