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A Review Essay: David Kynaston’s Till Time’s Last Sand: A History of the Bank of England, 1694–2013

Charles Bean

Professor of Economics, London School of Economics and Budget Responsibility Committee, Office for Budget Responsibility.

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. ( JEL E52, E58, N13, N14, N23, N24)

DOI

10.1257/jel.20181512

Volume

57 (4)

Pages

972-987

Language

en

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