Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
A Review Essay: David Kynaston's Till Time's Last Sand: A History of the Bank of England, 1694–2013
Journal of Economic Literature
vol. 57,
no. 4, December 2019
(pp. 972–87)
Abstract
This essay reviews Till Time's Last Sand: A History of the Bank of England, 1694–2013, David Kynaston's history of the Bank of England (the Bank) from its foundation in 1694 to the present day. I focus on three themes running through his narrative. First, for much of that time, the Bank was a private company playing a public role; how did it manage to do this and why was it eventually brought into public ownership? Second, I examine the various attempts to constrain the Bank's monetary policy to follow a simple rule; these almost invariably proved unsustainable unless the rule provided enough room for discretion. Finally, I cover the Bank's journey to becoming the lender of last resort, together with its evolving attitude to the associated risk of moral hazard.Citation
Bean, Charles R. 2019. "A Review Essay: David Kynaston's Till Time's Last Sand: A History of the Bank of England, 1694–2013." Journal of Economic Literature, 57 (4): 972–87. DOI: 10.1257/jel.20181512Additional Materials
JEL Classification
- E52 Monetary Policy
- E58 Central Banks and Their Policies
- N13 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
- N14 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-
- N23 Economic History: Financial Markets and Institutions: Europe: Pre-1913
- N24 Economic History: Financial Markets and Institutions: Europe: 1913-