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

Charles Nolan; Norbert Janssen; Ryland Thomas

doi:10.1111/1468-0335.00294

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

Charles Nolan, Norbert Janssen, Ryland Thomas

Research output: Contribution to journal › Article › peer-review

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.

Original language	English
Pages (from-to)	461-479
Number of pages	19
Journal	Economica
Volume	69
Issue number	275
DOIs	https://doi.org/10.1111/1468-0335.00294
Publication status	Published - Aug 2002

Keywords

COINTEGRATION VECTORS
BUDGET DEFICITS
PUBLIC DEBT
MONETARY

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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.",

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AB - 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.

KW - COINTEGRATION VECTORS

KW - BUDGET DEFICITS

KW - PUBLIC DEBT

KW - MONETARY

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JO - Economica

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

Abstract

Keywords

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