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It is controversial whether money stock targeting without base drift (i.e. following a trend-stationary growth path) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does not run into the Lucas critique, and applying this procedure to the case of the U.K., the paper finds that the variance of the trend inflation rate in the U.K. would have been reduced by more than one half if the Bank of England had not allowed base drift.

Demand for money.

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The power of the state to issue currency and control the monetary system is so entrenched, and the presumption among economists that money must be supplied monopolistically by a central authority is so widespread, that the notion that money could be supplied competitively has rarely been taken seriously. This book boldly challenges the conventional view that the state must play a dominant role in the monetary system. Part I explores the historical evidence and examines how a well-developed monetary system might have developed without any special role for the state. Part II offers a theory for a competitive supply of money and uses it to shed light on the development of monetary theory and the course of monetary history over the past two centuries. In Part III the author outlines new proposals for monetary reform that will protect the financial system against instability and will ensure macroeconomic stability.

money supply. --- Monetary policy. --- Banks and banking. --- AA / International- internationaal --- 331.156 --- 331.150 --- 333.421.1 --- 333.432.8 --- 333.403 --- Money supply --- Monetary policy --- Banks and banking --- 332.46 --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Monetary management --- Economic policy --- Currency boards --- Money stock --- Quantity of money --- Supply of money --- Demand for money --- Geldwezen van 1914 tot 1945. --- Geschiedenis van het geldwezen: algemeenheden. --- Gouden standaard. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens. --- Money supply. --- Geschiedenis van het geldwezen: algemeenheden --- Geldwezen van 1914 tot 1945 --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens --- Gouden standaard --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Business, Economy and Management --- Economics