Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

Money, Debt and Prices in the United Kingdom, 1705-1996

Norbert Janssen, Charles Nolan and Ryland Thomas
Economica
Vol. 69, No. 275 (Aug., 2002), pp. 461-479
Stable URL: http://www.jstor.org/stable/3549135
Page Count: 19
  • Download ($43.00)
  • Subscribe ($19.50)
  • Cite this Item
Money, Debt and Prices in the United Kingdom, 1705-1996
Preview not available

Abstract

This paper constructs a consistent series for the market value of UK government debt over almost 300 years, analysing how monetary and fiscal policy affect the path of the UK price level. Specifically, it examines the interactions between debts, deficits, the monetary base and the price level. Overall, the price level has been closely related to the evolution of the base money supply. Across different sample periods, there is little econometric evidence that fiscal policy has affected the course of the price level (or of the exchange rate under the Gold Standard). Government debt has not significantly affected the base money stock, either.

Page Thumbnails

  • Thumbnail: Page 
[461]
    [461]
  • Thumbnail: Page 
462
    462
  • Thumbnail: Page 
463
    463
  • Thumbnail: Page 
464
    464
  • Thumbnail: Page 
465
    465
  • Thumbnail: Page 
466
    466
  • Thumbnail: Page 
467
    467
  • Thumbnail: Page 
468
    468
  • Thumbnail: Page 
469
    469
  • Thumbnail: Page 
470
    470
  • Thumbnail: Page 
471
    471
  • Thumbnail: Page 
472
    472
  • Thumbnail: Page 
473
    473
  • Thumbnail: Page 
474
    474
  • Thumbnail: Page 
475
    475
  • Thumbnail: Page 
476
    476
  • Thumbnail: Page 
477
    477
  • Thumbnail: Page 
478
    478
  • Thumbnail: Page 
479
    479