Charles Goodhart
Datos Biográficos
| ID | 536888 |
|---|---|
| NOMBRE | Charles Goodhart |
| NOMBRES | Charles |
| APELLIDO | Goodhart |
| FIRMA | GOODHART C |
| AFILIACIONES | London School of Economics and Political Science |
| ORCID | 0000-0003-0413-2898 |
| VERIFICADO | Sí |
| TOTAL DE OBRAS | 60 |
| TOTAL DE CITAS | 123 |
| TOTAL COMO AUTOR | 60 |
| TOTAL COMO EDITOR | 0 |
| PRIMER AÑO DE PUBLICACIÓN | 1964 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2023 |
| ÍNDICE H | 7 |
Alexis Drach and Youssef Cassis, Financial Deregulation
This is a book of essays about the financial regulatory changes that took place in the advanced economies of Western Europe in the three decades, 1970-2000, also including chapters on the USA and Japan, and a final chapter/essay on ‘EU Bank Regulation after the Great Financial Crisis’. These essays are mostly about changes to bank regulations, but there is also, in some of them, some usually rather brief discussion of the regulatory reform to the…
Support for small businesses amid Covid‐19
How should the government support small and medium‐sized enterprises amid a pandemic crisis while balancing the trade‐off between short‐run stabilization and long‐run allocative efficiency? We develop a two‐sector equilibrium model featuring small businesses with private information on their likely future success and a screening contract. Businesses in the sector adversely affected by a pandemic can apply for government loans to stay afloat. A pr…
Wilhelm Lautenbach’s credit mechanics – a precursor to the current money supply debate
This article assesses the theory of credit mechanics within the context of the current money supply debate. Credit mechanics and related approaches were developed by a group of German monetary economists during the 1920s-1960s. Credit mechanics overcomes a one-sided, bank-centric view of money creation, which is often encountered in monetary theory. We show that the money supply is influenced by the interplay of loan creation and repayment rates;…
Pandemic recession and helicopter money
We analyse the money-financed fiscal stimulus implemented in Venice during the famine and plague of 1629–31, which was equivalent to a ‘net-worth helicopter money’ strategy – a monetary expansion generating losses to the issuer. We argue that the strategy aimed at reconciling the need to subsidize inhabitants suffering from containment policies with the desire to prevent an increase in long-term government debt, but it generated much monetary ins…
The Great Demographic Reversal
Till Time's Last Sand
Book Review| December 01 2018 Till Time’s Last Sand: A History of the Bank of England, 1694–2013 by David Kynaston Till Time’s Last Sand: A History of the Bank of England, 1694–2013. By Kynaston, David. London: Bloomsbury, 2017. xii; 879 pp. $75.00. Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: This Site Google History of Political Economy (2018) 50 (4): 800–802. https://doi.org/10.1215/001…
La bataille de notre temps
The Elgar Companion to Hyman Minsky
Book Review| November 01 2012 The Elgar Companion to Hyman Minsky The Elgar Companion to Hyman Minsky. Edited by Dimitri B. Papadimitriou and L. Randall Wray. Cheltenham: Edward Elgar, 2010. 290 pp. Cloth£110.00; paper£35.00. Charles Goodhart Charles Goodhart Search for other works by this author on: This Site Google History of Political Economy (2012) 44 (4): 701–703. https://doi.org/10.1215/00182702-1811433 Cite Icon Cite Share Icon Share Faceb…
The Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision (BCBS) sets the guidelines for world-wide regulation of banks. It is the forum for agreeing international regulation on the conduct of banking. Based on special access to the archives of the BCBS and interviews with many of its key players, this book tells the story of the early years of the Committee from its foundation in 1974/5 right through until 1997 - the year that marks the watershed between the B…
Basel Committee on Banking Supervision
Inside the Fed
Lessons from the financial crisis for monetary policy
The Continuing Muddles of Monetary Theory
Lionel Robbins was concerned about the methodology of economic science. When he discussed the relationship between theory and ‘reality’, two of the examples of inappropriate relationships were taken from monetary economics. Such shortcomings continue. Among the worst are: (1) IS/LM: whereby the monetary authorities set the monetary base, and the interest rate is market determined; (2) the monetary base multiplier of bank deposits, and the role of…
An Overhaul of Doctrine
Ed Nelson claims that the main cause of the improvement in monetary policy during the 1990s and 2000s [until 2007?] was a ‘changed view of the transmission mechanism’, rather than ‘shifts in policy maker objectives or to changing views about the long‐run inflation/unemployment trade‐off’, (p. F334). I agree with most of his comments on the changing views about the transmission mechanism but I dispute his suggestions about contemporary ideas on th…
Monetary Economics
When Insurers Go Bust
Central Bank Cooperation at the Bank for International Settlements, 1930–1973
The Glitter of Gold
Credit and State Theories of Money
Carl Menger and the Evolution of Payments Systems
Book Review| March 01 2004 Carl Menger and the Evolution of Payments Systems: From Barter to Electronic Money Edited by Michael Latzer and Stefan W. Schmitz. Cheltenham, U.K.: Edward Elgar, 2002. 191 pp. C. A. E. Goodhart C. A. E. Goodhart Search for other works by this author on: This Site Google History of Political Economy (2004) 36 (1): 210–212. https://doi.org/10.1215/00182702-36-1-210 Cite Icon Cite Share Icon Share Twitter Permissions Sear…
Prudential Supervision
This excellent book is the edited proceedings of an NBER conference held in the USA in January 2000, (all those involved should be congratulated on the speed of publication), with the addition of an introduction by the editor, Mishkin. This was an extremely well designed conference, tightly focused, with a small and carefully chosen set of participants, being academic and practitioner experts in banking regulation. There is a general suspicion th…
The Constitutional Position of an Independent Central Bank
In 1989 The Reserve Bank Of New Zealand Act Gave The Rbnz the operational independence to vary monetary instruments, in particular to control the level of short-term money market rates, in such a way as to hold inf lation within a stated range over a stated period of time. That numerical range and period were to be agreed in a contractual arrangement between the Minister of Finance and the Governor, and the Governor was to be held personally resp…
Understanding Dennis Robertson
Book Review| November 01 2002 Understanding Dennis Robertson: The Man and His Work By Gordon Fletcher. Cheltenham, U.K.: Edward Elgar, 2000. 448 pp.£75.00. Charles Goodhart Charles Goodhart Search for other works by this author on: This Site Google History of Political Economy (2002) 34 (4): 814–816. https://doi.org/10.1215/00182702-34-4-814 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Charles …
What Weight Should be Given to Asset Prices in the Measurement of Inflation
Besides the theoretical (Alchian/Klein, 1973) case for including asset prices in measures of inflation, there is also a practical case, that some asset prices, notably housing, are closely associated with the main trends in inflation, and via ‘bubbles and busts’ with output disturbances. Attempts to use the pure Alchian/Klein methodology in practice give excessive weight to unstable asset prices, but there are more appropriate weighting schemes, …
The two concepts of money
The Conduct of Monetary Policy
Journal Article The Conduct of Monetary Policy Get access Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 99, Issue 396, 1 June 1989, Pages 293–346, https://doi.org/10.2307/2234028 Published: 01 June 1989
The Future of Central Banking
This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers. Important contributions by leading central bankers from around the world, and the related Per Jacobse…
Free Banking and Monetary Reform
Journal Article Free Banking and Monetary Reform Get access Free Banking and Monetary Reform. By DAVID GLASNER. (Cambridge and New York: Cambridge University Press, 1989. Pp. xvi + 276. à £25.00 hardback, US$32.50 hardback. ISBN o 521 36175 3). Charles Goodhart Charles Goodhart The London School of Economics and Political Science Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 101, Issue 406, …
What Should Central Banks Do? What Should Be Their Macroeconomic Objectives and Operations
Journal Article What Should Central Banks Do? What Should Be Their Macroeconomic Objectives and Operations? Get access Charles A. E. Goodhart Charles A. E. Goodhart Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 104, Issue 427, 1 November 1994, Pages 1424–1436, https://doi.org/10.2307/2235461 Published: 01 November 1994
Money and Banking in the U.K
Credit and State Theories of Money
Monetary Theory and Practice. The UK Experience
Journal Article Monetary Theory and Practice. The UK Experience Get access Monetary Theory and Practice. The UK Experience. By C. A. E. GOODHART. (London: (Macmillan, 1984. Pp. vi + 282. £20.00 hardback, £7.95 paperback.) M. J. Artis M. J. Artis University of Manchester Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 94, Issue 376, 1 December 1984, Pages 984–985, https://doi.org/10.2307/223232…
Profit on National Bank Notes, 1900-1913
International Money
Journal Article International Money: Post-war Trends and Theories Get access International Money: Post-war Trends and Theories. By PAUL DE GRAUWE. (Oxford: Clarendon Press, 1989. Pp. ix + 257. £29.50 hardback. ISBN 0 19828598 1.) Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 March 1990, Pages 283–284, https://doi.…
What Weight Should be Given to Asset Prices in the Measurement of Inflation
Besides the theoretical (Alchian/Klein, 1973) case for including asset prices in measures of inflation, there is also a practical case, that some asset prices, notably housing, are closely associated with the main trends in inflation, and via ‘bubbles and busts’ with output disturbances. Attempts to use the pure Alchian/Klein methodology in practice give excessive weight to unstable asset prices, but there are more appropriate weighting schemes, …
The Continuing Muddles of Monetary Theory
Lionel Robbins was concerned about the methodology of economic science. When he discussed the relationship between theory and ‘reality’, two of the examples of inappropriate relationships were taken from monetary economics. Such shortcomings continue. Among the worst are: (1) IS/LM: whereby the monetary authorities set the monetary base, and the interest rate is market determined; (2) the monetary base multiplier of bank deposits, and the role of…
The Constitutional Position of an Independent Central Bank
In 1989 The Reserve Bank Of New Zealand Act Gave The Rbnz the operational independence to vary monetary instruments, in particular to control the level of short-term money market rates, in such a way as to hold inf lation within a stated range over a stated period of time. That numerical range and period were to be agreed in a contractual arrangement between the Minister of Finance and the Governor, and the Governor was to be held personally resp…
The Transition to Emu
A bstract This paper examines the problems of the transition to EMU, on the assumption that stage 3 of the EMU process begins in 1999. A number of issues are addressed, ranging from the attachment to national countries to problems of fiscal adjustment in the final path to EMU, and I suggest that the Maastricht fiscal criteria may turn out to be more flexible than many commentators suggest. Other problems relate to the possibility of a final parit…
Prudential Supervision
This excellent book is the edited proceedings of an NBER conference held in the USA in January 2000, (all those involved should be congratulated on the speed of publication), with the addition of an introduction by the editor, Mishkin. This was an extremely well designed conference, tightly focused, with a small and carefully chosen set of participants, being academic and practitioner experts in banking regulation. There is a general suspicion th…
The Foreign Exchange Market
This paper explores some anomalies in the foreign exchange market. It is hard to find evidence of either short-term overshooting or of longer-term reversion to an equilibrium. The forward exchange rate contains virtually no information on future spot rates. Discussions with practitioners indicate that longer-term speculation based on fundamentals is strictly limited, and survey data and other evidence suggest that expectations and speculation are…
The Operation and Regulation of Financial Markets
Journal Article The Operation and Regulation of Financial Markets Get access The Operation and Regulation of Financial Markets. Edited by Charles Goodhart, David Currie and David T. Llewellyn. (Basingstoke: Macmillan, 1987. Pp. xvii + 270. à à à à £35.00 hardback.) M. R. Weale M. R. Weale Bank of England and Department of Applied Economics and Clare College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Ec…
The New York Money Market and the Finance of Trade, 1900-1913
Journal Article C. A. E. Goodhart. The New York Money Market and the Finance of Trade, 1900-1913 Get access The New York Money Market and the Finance of Trade, 1900-1913. By C. A. E. Goodhart. (Cambridge, Massachusetts: Harvard University Press (London: Oxford University Press), 1969. Pp. viii + 235. 63s.) J. Cohen J. Cohen University of Pittsburgh. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Vol…
Banking and Monetary Studies in Commemoration of the Centennial of the National Banking System
Journal Article Banking and Monetary Studies in Commemoration of the Centennial of the National Banking System Get access Banking and Monetary Studies in Commemoration of the Centennial of the National Banking System. Edited by D. Carson. (Homewood, Illinois: Richard D. Irwin, 1963. Pp. xiv + 441.) C. A. E. Goodhart C. A. E. Goodhart Trinity College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Economic J…
Profit on National Bank Notes, 1900-1913
Saving in Contemporary Economic Research
The New York Money Market and the Finance of Trade, 1900-1913
Journal Article C. A. E. Goodhart. The New York Money Market and the Finance of Trade, 1900-1913 Get access The New York Money Market and the Finance of Trade, 1900-1913. By C. A. E. Goodhart. (Cambridge, Massachusetts: Harvard University Press (London: Oxford University Press), 1969. Pp. viii + 235. 63s.) J. Cohen J. Cohen University of Pittsburgh. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Vol…
The Business of Banking 1880-1914
Journal Article The Business of Banking 1880-1914 Get access The Business of Banking 1880-1914. By C. A. E. Goodhart. (London: Weidenfeld and Nicolson, 1972. Pp. ix + 628. £6.00.) D. E. Moggridge D. E. Moggridge Clare College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 83, Issue 331, 1 September 1973, Pages 936–938, https://doi.org/10.2307/2230702 Published: 01 September 1973
The Business of Banking, 1891-1914
Money
Monetary Theory and Practice. The UK Experience
Journal Article Monetary Theory and Practice. The UK Experience Get access Monetary Theory and Practice. The UK Experience. By C. A. E. GOODHART. (London: (Macmillan, 1984. Pp. vi + 282. £20.00 hardback, £7.95 paperback.) M. J. Artis M. J. Artis University of Manchester Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 94, Issue 376, 1 December 1984, Pages 984–985, https://doi.org/10.2307/223232…
Financial Innovation, Efficiency and Disequilibrium
Exchange Rate Economics 1986
Journal Article Exchange Rate Economics 1986: A Comment Get access Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 385, 1 March 1987, Pages 19–22, https://doi.org/10.2307/2233319 Published: 01 March 1987
The Operation and Regulation of Financial Markets
Journal Article The Operation and Regulation of Financial Markets Get access The Operation and Regulation of Financial Markets. Edited by Charles Goodhart, David Currie and David T. Llewellyn. (Basingstoke: Macmillan, 1987. Pp. xvii + 270. à à à à £35.00 hardback.) M. R. Weale M. R. Weale Bank of England and Department of Applied Economics and Clare College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Ec…
Alternative Monetary Regimes
The Foreign Exchange Market
This paper explores some anomalies in the foreign exchange market. It is hard to find evidence of either short-term overshooting or of longer-term reversion to an equilibrium. The forward exchange rate contains virtually no information on future spot rates. Discussions with practitioners indicate that longer-term speculation based on fundamentals is strictly limited, and survey data and other evidence suggest that expectations and speculation are…
A Critique of Monetary Policy
Introduction Part I: The Behaviour of the Financial System The Macroeconomic Behaviour of the Banking System The Behaviour of Interest Rates: the Theoretical Background The Behaviour of Interest Rates Continued The Behaviour of Exchange Rates Government Transactions, Money, and Interest Rates Part II: Monetary Control and the Course of the Aggregates: UK Monetary Policy since 1971 Central-bank Rate as an Instrument of Monetary Control Monetary Ba…
The Conduct of Monetary Policy
Journal Article The Conduct of Monetary Policy Get access Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 99, Issue 396, 1 June 1989, Pages 293–346, https://doi.org/10.2307/2234028 Published: 01 June 1989
Money and Banking in the U.K
The Evolution of Central Banks
The Evolution of Central Banks employs a wide range of historical evidence and reassesses current monetary analysis to argue that the development of non-profit-maximizing and noncompetitive central banks to supervise and regulate the commercial banking system fulfils a necessary and natural function.Goodhart surveys the case for free banking, examines the key role of the clearing house in the evolution of the central bank, and investigates bank e…
Risk, Regulation and Investor Protection
International Money
Journal Article International Money: Post-war Trends and Theories Get access International Money: Post-war Trends and Theories. By PAUL DE GRAUWE. (Oxford: Clarendon Press, 1989. Pp. ix + 257. £29.50 hardback. ISBN 0 19828598 1.) Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 March 1990, Pages 283–284, https://doi.…
Free Banking and Monetary Reform
Journal Article Free Banking and Monetary Reform Get access Free Banking and Monetary Reform. By DAVID GLASNER. (Cambridge and New York: Cambridge University Press, 1989. Pp. xvi + 276. à £25.00 hardback, US$32.50 hardback. ISBN o 521 36175 3). Charles Goodhart Charles Goodhart The London School of Economics and Political Science Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 101, Issue 406, …
Does the Forward Premium/Discount Help to Predict the Future Change in the Exchange Rate
This paper reexamines the relationship between the spot exchange rate depreciation and the forward premium. Many researchers report a negative, and occasionally significant, coefficient when the spot depreciation is regressed on the forward premium. The authors' analysis reveals that such findings are due to the presence of structural breaks and/or outliers in the data. After allowing for these, the forward premium has no information at all about…
Why Don't Individuals Speculate in the Forward Foreign Exchange Market
It is shown, using institutional evidence, economic theory, and empirical evidence, that, given reasonable estimates of individuals' coefficients of relative risk aversion, the combination of riskiness, minimal size of contract, and transactions costs will deter all but the wealthiest individuals from seeking to speculate in the forward foreign exchange market. Copyright 1992 by Scottish Economic Society
A Stable External Currency for Europe
Journal Article A Stable External Currency for Europe Get access A Stable External Currency for Europe. By Jacques Riboud. (Basingstoke: Macmillan, 1991. Pp. x + 228. £40.00 hardback. ISBN 0 333 53265 1.) Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 410, 1 January 1992, Pages 181–183, https://doi.org/10.2307/2234873 Pub…
The Bank of England and Public Policy, 1941-1958
The nationalisation of Norman's bank 2. Lord Keynes and the Bank: Bretton Woods and the Anglo-American Loan 3. The false dawn and the crisis of 1947 4. The four difficult years: from the crisis of 1947 to the Korean War 5. Domestic monetary policy 1945-51 6. The watershed: 1951-2 7. The rise and fall of the Collective Approach: 1952-5 8. 1956: the Bank and the Suez affair 9. Convertibility: the last act: 1957-8 10. Domestic monetary policy 1952-8…
Establishing a Central Bank
Journal Article Establishing a Central Bank: Issues in Europe and Lessons from the US Get access Establishing a Central Bank: Issues in Europe and Lessons from the US. Edited by (Matthew B.) CAnzoneri, Grilli (Vittorio) and (PAUL R.) Masson. (Cambridge and New York: Cambridge University Press, 1992. Pp. xvii + 307. £29.95 hardback, US $44.95 hardback. ISBN 0 521 42098 9.) Charles Goodhart Charles Goodhart The London School of Economics and Politi…
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