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By Dow, J. C. R.; Saville, I. D.

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Extra info for A Critique of Monetary Policy

Sample text

This feature of banks' behaviour is a matter of direct observation, and is the starting point for our subsequent analysis. Even if the reasons for it suggested above were not accepted, it would appear a reasonably firm starting point. Our account of banks' behaviour over time rests on the argument that many of the criteria by which banks determine the scale of their lending are related to their customers' past and prospective income, and thus are likely to rise as aggregate nominal incomes rise.

Though our conclusions must clearly be tentative, they are based on close observation and analysis and may appear worth critical examination. The potential scope of this study being large, it may be helpful to note what we have not attempted. In describing the macroeconomic working of the financial system and the influence of monetary policy on it, we have discussed only those aspects of the microeconomic behaviour of financial institutions that appeared essential for that purpose. We have not sought to provide a picture of all aspects of the behaviour of a typical individual bank, or to discuss in detail the behaviour of different financial markets.

Either will initiate a multiplier process and will lead to a general expansion of incomes, in just the same way as will an increase in company investment financed by bank lending. As a counterpart to their additional lending, the building societies must, like banks, obtain larger deposits. From many points of view, banks and building societies can be treated together as one type of institution. The above discussion has been concerned with the effects of a change in lending institutions' criteria.

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