THE OBJECTIVES OF BRITISH MONETARY POLICY, 1951-1964.

The article presents a model of British monetary policy that includes the objectives, techniques, and trade-offs from 1951-1964. The author claims that the revival of the British monetary policy coincided with U.S. efforts to do the same, and attempts to negotiate the discomfort of a monetary policy faced with a differentiated set of financial institutions whose liabilities mirror those of commercial banks. The article reviews the policy objectives in terms of interest rates, price stability, full employment, a satisfactory balance of payments, and a satisfactory rate of growth. The article refers to the significance of the 1959 Radcliffe Report on monetary policy in those years.