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A Review Essay: David Kynaston's Till Time's Last Sand:: a history of the Bank of England, 1694-2013

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  • Bean, Charles R.
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.

Suggested 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," LSE Research Online Documents on Economics 90516, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:90516
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    References listed on IDEAS

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    1. Charles Bean & James Symons, 1989. "Ten Years of Mrs. T," NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 13-72, National Bureau of Economic Research, Inc.
    2. Lars E. O. Svensson, 2003. "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Journal of Economic Literature, American Economic Association, vol. 41(2), pages 426-477, June.
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    4. Charles Bean, 2009. "'The Meaning of Internal Balance' Thirty Years On," Economic Journal, Royal Economic Society, vol. 119(541), pages 442-460, November.
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    7. Mike Anson & David Bholat & Miao Kang & Ryland Thomas, 2017. "The Bank of England as Lender of Last Resort: New historical evidence from daily transactional data," Working Papers 0117, European Historical Economics Society (EHES).
    8. Michael Woodford, 2012. "Methods of policy accommodation at the interest-rate lower bound," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 185-288.
    9. Bean, Charles, 1998. "The New UK Monetary Arrangements: A View from the Literature," Economic Journal, Royal Economic Society, vol. 108(451), pages 1795-1809, November.
    10. Paul Mizen (ed.), 2003. "Central Banking, Monetary Theory and Practice," Books, Edward Elgar Publishing, number 2329.
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    13. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G1 - Financial Economics - - General Financial Markets
    • 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-

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