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Dow, J. C. R.
Visiting Fellow, National Institute for Economic and Social Research; formerly Economics Director, Bank of England
Saville, I. D.
Senior Investment Manager, Bank of England
Print publication date: 1990 (this edition)
Published to Oxford Scholarship Online: November 2003 Print ISBN-13: 978-0-19-828319-5 |
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doi:10.1093/0198283199.003.0008
Abstract: The use of bank rates acting as a source of control is the focus of this chapter. It examines the imposition of the Minimum Lending Rate in 1972. The role of the central bank in setting rates and their ability to force up rates is examined. There is a discussion on the role of central bank reserves. The limitations of central bank's powers are also studied. The chapter concludes with an analysis of monetary aggregates.
Keywords: central bank rate, central bank reserves, interest rates, Minimum Lending Rate, monetary aggregates, 
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8 Central Bank Rate as an Instrument of Monetary Control
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