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Business Economics (2021) 56:255–257 https://doi.org/10.1057/s11369-021-00223-6 BOOK RE VIE W Harold James, Making a modern central bank: the Bank of England 1979–2003 Cambridge University Press, Cambridge, 2020 John Calverley Published online: 10 May 2021 © National Association for Business Economics 2021 James has written a fascinating history of the Bank of Eng- Financial Services Authority (FSA), which may have been land during a tumultuous period of policy-making. The book part of the problem. But it did retain a remit to help maintain was written at the request of the Bank and benefits from financial stability, where it manifestly failed. access to internal memos and reports, as well as interviews James says very little about another consequence of the with many of the key players. It is organized around the 2008–2009 crisis: the collapse in short-term rates and the theme of a ‘modern’ central bank emerging from the ashes subsequent search for alternative policy instruments. From of failed monetarist and exchange rate targeting policies in 1997 to 2007, inflation was held to 1.8% on average (range the 1980s and early 1990s, as the United Kingdom transi- 1–3%) with the policy rate averaging 5.1% (range 3.5–7.5%). tioned (in 1997) to an autonomous Bank of England with
Business Economics – Springer Journals
Published: Oct 1, 2021
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