By William A. Allen (auth.)
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Additional resources for Monetary Policy and Financial Repression in Britain, 1951–59
A. K. had maintained low interest rates and bond yields. S. Treasury securities of all maturities by being willing to buy and sell from its portfolio in whatever amounts were demanded at the pre-determined yields. It also underwrote new Treasury issues at those yields. It is true that the pegged yields were 32 Monetary Policy and Financial Repression in Britain, 1951–59 adjusted from time to time, but the adjustments required the agreement of the Treasury and were not sufficiently responsive to economic and financial conditions for the Federal Reserve to maintain what it regarded as adequate control over the supply of bank reserves.
Howson (1993, pp. 309–310). The Economist published a series of articles on ‘the age of inflation’ in August and September, recommending a higher Bank rate, among other things. 7. Cobbold - Bridges, 22nd October 1951, BOE G1/71. Howson (1993, p. 312) describes Cobbold’s letter as ‘alarmist’, but the situation was alarming. 8. Cobbold - Bridges, Credit policy, 29th October 1951, BOE G 1/71. 9. Trend, ‘Credit policy’, 29th October 1951, NA T230/469. 10. Note of meeting of London Discount Market Association, 7th November 1951, BOE LDMA1/7.
For this purpose, close attention was paid to bank credit, and what would now be called ‘monetary policy’ was often referred to as ‘credit policy’. Monetary or credit policy consisted of a number of policy weapons, which could not be used independently of one another. They are summarised here and described in more detail in Chapters 13 and 14. i. g. by altering the size of the weekly Treasury bill tender and thereby making money market conditions easier or tighter. It was not generally thought at the time that variations in short-term interest rates affected aggregate demand much, except possibly for inventories.