This paper investigates the role of credit supply shocks in driving the weakness in UK banks’ lending and economic activity during the various UK financial crises since 1966. It uses a structural VAR analysis to identify credit supply shocks separately from standard macroeconomic shocks. It...

The recent financial crisis has reignited interest in the role of money and credit in driving economic activity. This article takes a broad overview of the historical data available for assessing the link between money, credit and activity, using the quantity theory of money as an organising...

1. Introduction -- 2. Business, Monetary and Credit Cycles in Theory -- 3. Statistical and Econometric Analysis of the Cycle -- 4. GDP data for Analysing Business Cycles -- 5. Metrics and Turning Points of Cycles 1660-2018 -- 6. A Narrative History of UK Business Cycles -- 7. Conclusions

Written in celebration of its 350th anniversary in 2018, this book details the history of the central bank of Sweden, Sveriges Riksbank, as presented by Klas Fregert. It relates the bank's history to the development of other major central banks around the world. Chapters are written by some of...

The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in...