The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in...

"Government securities are an essential piece of equipment for an effective state. They enable governments to borrow to finance expenditures which they cannot mmediately pay for out of taxation or accumulated savings. In the past, such xpenditures were often for the conduct of wars. Britain was...

We investigate how central bank forecasts of GDP growth evolve through time, and how they are adapted in the light of official estimates of actual GDP growth. Using data for 1988-2005, we find that the Federal Open Market Committee (FOMC) has typically adjusted its forecast for growth over the...