L Street: Bagehotian Prescriptions for a 21st Century Money Market

  title={L Street: Bagehotian Prescriptions for a 21st Century Money Market},
  author={George A. Selgin},
  journal={Macroeconomics: Monetary & Fiscal Policies eJournal},
  • George A. Selgin
  • Published 2011
  • Economics
  • Macroeconomics: Monetary & Fiscal Policies eJournal
  • In Lombard Street, Walter Bagehot (1873) offered his famous advice for reforming the Bank of England’s lending policy. The financial crisis of 1866, and other factors, had convinced Bagehot that instead of curtailing credit to conserve the Bank’s own liquidity in the face of an “internal drain�? of specie, and thereby confronting the English economy as a whole with a liquidity shortage, the Bank ought to “lend freely at high rates on good collateral.�? Bagehot’s now-famous advice has come to be… CONTINUE READING

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