Journal Article

Quantitative monetary policy and government debt management in Britain since 1919

William A. Allen

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 28, issue 4, pages 804-836
Published in print January 2012 | ISSN: 0266-903X
Published online December 2012 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grs030
Quantitative monetary policy and government debt management in Britain since 1919

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  • National Budget, Deficit, and Debt
  • Macroeconomics and Monetary Economics; Growth and Fluctuations
  • Monetary Policy, Central Banking, and the Supply of Money and Credit

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The enormous increase in the United Kingdom’s national debt during the two world wars of the twentieth century meant that government debt management, which had hitherto been regarded as a matter of ‘budgetary convenience’, acquired great macroeconomic significance. The paper examines and compares four episodes in the management of the national debt since 1919 and in each case explores the relationship between debt management and monetary policy. The current policy of quantitative easing is a form of government debt management and the paper discusses it in the context of the earlier episodes.

Keywords: government debt management; monetary policy; central banking; United Kingdom; E5; H6; N1

Journal Article.  14195 words.  Illustrated.

Subjects: National Budget, Deficit, and Debt ; Macroeconomics and Monetary Economics; Growth and Fluctuations ; Monetary Policy, Central Banking, and the Supply of Money and Credit

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