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dc.contributor.authorBezemer, Dirken
dc.contributor.authorGardiner, Geoffreyen
dc.date.accessioned2010-10-20-
dc.date.accessioned2012-04-12T14:22:26Z-
dc.date.available2012-04-12T14:22:26Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/57068-
dc.description.abstractThis paper discusses recent UK monetary policies as instances of John Kenneth Galbraith's 'innocent fraud,' including the idea that money is a thing rather than a relationship, the fallacy of composition (i.e., that what is possible for one bank is possible for all banks), and the belief that the money supply can be controlled by reserves management. The origins of the idea of quantitative easing (QE), and its defense when it was applied in Britain, are analyzed through this lens. An empirical analysis of the effect of reserves on lending is conducted; we do not find evidence that QE 'worked,' either by a direct effect on money spending, or through an equity market effect. These findings are placed in a historical context in a comparison with earlier money control experiments in the UK.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x622en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordquantitative easingen
dc.subject.keywordUK innocent fraudsen
dc.subject.keywordaccountingen
dc.titleInnocent frauds meet Goodhart's Law in monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn637216253en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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