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Charles A.E. Goodhart and Rosa M. Lastra

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

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Charles Goodhart

The tightening of bank regulation from October 2008 included a massive increase in capital/asset ratios in the leading nations. This may have been needed to restore banks’ credit-worthiness, notably in inter-bank dealings. However, the consequent ‘deleveraging’ was one reason that a surge in the monetary base did not lead – as the textbooks envisaged – to a corresponding surge in the quantity of money, broadly defined. Monetary policy did not work as expected.